NEW YORK (dpa-AFX) – The US stock market stayed at record highs in early trading on Monday. The Dow Jones (Dow Jones 30 Industrial) reached another record shortly after it opened, most recently gaining 0.44 percent to 36,488.92 points. At the end of the week, encouraging labor market data and a success by the pharmaceutical company Pfizer in the search for a drug against Covid-19 had already driven the US leading index.
The market-wide S&P 500 climbed 0.23 percent to 4708.38 points on Monday. The technology-heavy NASDAQ 100 was almost unchanged at 16,360.40 points.
At the weekend, after months of wrangling, the US Congress had decided on one of President Joe Biden’s core domestic political projects. A few weeks after the Senate, the House of Representatives also passed a major investment program aimed at modernizing the country’s infrastructure. In addition, there was positive news from China, whose economy recorded surprisingly stronger export growth in October despite a weak domestic market.
On the corporate side, the focus is on the electric car maker Tesla, whose shares lost 2.3 percent. Company boss Elon Musk let Twitter users vote whether he should sell a tenth of his Tesla shares in order to pay more taxes. The survey gave a “yes”. At the current exchange rate of around 1194 US dollars, the package is worth a good 20.5 billion dollars. Musk did not provide any indication of how quickly he would reject the package. Long-term schedules are often set for stock sales by top managers. Just last week, the Tesla papers hit a record high of $ 1,243.
As a beneficiary of the Biden infrastructure program, construction machinery manufacturer Caterpillar’s shares were up 3.9 percent, leading the Dow. In the back, the shares of the sporting goods company Nike paid tribute to their latest record rally with minus 3.3 percent.
The papers of the IT security company McAfee rose by 0.6 percent after they had already shot up by a fifth on Friday. The “Wall Street Journal” reported on an impending sale of the company to financial investors. On Monday the plans became official./ajx/he
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