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NEW YORK (dpa-AFX) – After another record high the day before, the Dow Jones Industrial (Dow Jones 30 Industrial) did not start a new attack on Tuesday. The leading index started weakly, but reduced its early losses relatively quickly. Most recently it was only 0.06 percent in the red at 33 152.63 points. He could not come any closer to the record of 33 259 points reached at the beginning of the week.
Financial stocks rebounded Tuesday from the turmoil that sparked speculation the previous day about troubles at the Archegos hedge fund. However, this was offset by generally weak technology stocks. The NASDAQ 100, which was shaped by this sector, fell by 0.96 percent to 12,841.35 points. The market-wide S&P 500 fell 0.32 percent to 3958.52 counters.
Brsians again pointed to rising US Treasury yields, which are putting an end to the rally in equities. At up to 1.77 percent, ten-year bonds on Tuesday yielded the highest yield since January 2020. Technology companies focused on growth are seen as particularly suffering from this because it makes financing conditions more expensive for them. The reasons for this are the economic recovery expected thanks to stimulus injections and the associated fear of rising inflation.
The progress made in the US vaccination campaign is also seen as an important driver of economic optimism. According to President Joe Biden’s announcement, 90 percent of adults will be eligible for vaccination within three weeks. It fits that the vaccine pioneers Biontech (BioNTech (ADRs)) and Pfizer announced an expansion of their production capacity on Monday.
In the technology sector, the companies in the Dow rallied among the biggest losers. Microsoft, Salesforce, Intel and Apple shares fell between 1.2 and 1.8 percent. In the broad market, those of the electric car manufacturer Tesla continued their recent downward trend with a discount of 1.3 percent.
The Archegos speculations had already largely ticked off the investors the day before. Market strategist Stephen Innes from broker Axi spoke of a storm in a glass of water, and so banks recovered from their previous day’s weakness. Goldman Sachs, which was 1.9 percent higher, led the Dow and JPMorgan (JPMorgan ChaseCo) was one of the expanded favorites with a 1.7 percent gain.
The targeted expansion of vaccine production by the partners Biontech and Pfizer to 2.5 billion doses by the end of this year was particularly beneficial for Biontech. The depository receipts of the German company traded in New York rose by 5.2 percent and thus stood out positively, as the papers of the competitor Moderna slipped by four percent. Pfizer shares did not benefit from the news either: In a generally rather weak environment in the healthcare industry, they lost one percent./tih/he
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