New York Stocks: Momentum Returns – Good Corporate Figures Drift | 08/03/21

NEW YORK (awp international) – Good company figures on Tuesday pushed back concerns of US stock investors about the spread of the coronavirus variant Delta. The falling oil prices also left no negative marks on the market. The New York indices rose again after a subdued start.

The leading index Dow Jones Industrial regained the round mark of 35,000 points and gained 0.61 percent to 35,051.56 points just under two and a half hours before the market closed. The market-wide S&P 500 also advanced 0.61 percent to 4414.08 points. The tech-heavy Nasdaq 100 gained 0.50 percent to 15,038.73 points. So far, the reporting season in the USA has been quite positive. On Tuesday, some quarterly figures from companies outside the Dow are in view.

The Eli Lilly shares rose to a record high and recently posted a profit of a good three percent. The pharmaceutical company had surprised positively with sales in the past quarter, but lowered its annual targets for the second time in the current year.

The sporting goods manufacturer Under Armor raised its targets again in the current year due to the sustained strong demand for comfortable clothing – more clearly than analysts expected. Investors rewarded this with a price increase of almost six percent.

The Stellantis titles listed in New York were up by almost five percent. The auto giant, which only merged at the beginning of the year, screwed its return forecast upwards after strong growth in sales and profit in the first half of the year.

Optimistic statements by the fertilizer manufacturer Mosaic brought its shares an increase of more than four percent. The evening before the US stock market closed, the K + S competitor expressed the expectation that the second half of the financial year would be one of the strongest periods in the company’s history.

ConocoPhillips increased by one and a half percent in the second quarter after a surprisingly good profit development for the oil company.

According to circles, the US chip company Nvidia could receive further headwinds with its planned takeover of the British chip designer Arm. The UK is considering rejecting the purchase, Bloomberg news agency reported, citing people familiar with the matter. The reason are concerns about national security. This only threw the Nvidia titles out of step for a short time, most recently they made up for their losses.

The shares of Translate Bio made a price jump of a good 29 percent. They benefited from the announcement of the takeover by the French pharmaceutical and vaccine manufacturer Sanofi, which is thus promoting the expansion of its business around so-called mRNA vaccines./ajx/he

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