Stocks New York: Dow turns positive – bargain hunters on the way

NEW YORK (dpa-AFX) – In view of increasing concerns about a new wave of coronavirus infections, the 25,000 point mark at the Dow Jones Industrial was only in danger for a short time on Monday. In early trading he dived briefly below, but then the bargain hunters quickly took hold of them again. Two hours before the end, the leading index then made the leap into positive territory. Most recently it rose by 0.26 percent to 25,673.30 points.

In the case of other major US indices, the recovery from the initially significant minus was even more pronounced. The market-wide S&P 500 defended the 3000-point mark, which was tested at times, with an increase of 0.51 percent to 3056.82 points. The technology-heavy selection index Nasdaq 100 even made it with 0.90 percent up to 9750.83 points.

“The appetite for risk has dwindled further from fear of a second wave,” said financial market expert Mark Chandler from the RBC analysis company, explaining the initial losses. He referred to a renewed increase in infections in some US states and new infections in China. However, a noticeably improved mood in New York’s industrial companies in June had a somewhat encouraging effect. After the Dow set back to its lowest level since the end of May, investors took more courage in the course of the day.

Among the individual stocks, stocks that had been badly subscribed by the coronavirus crisis for months, especially those from the aviation industry, weakened initially. However, Boeing more than made up for their initially clear minus by turning into the profit zone at 1.4 percent.

Walmart shares rose 0.4 percent in the Dow midfield. The retail giant wants to expand its marketplace for third-party products through a cooperation with the Canadian e-commerce provider Shopify. With the cooperation he wants to catch up with the online market leader Amazon.

3M’s shares rose 2.2 percent to become a big Dow winner. The conglomerate had to accept a significant organic decline in sales in May, but this was also related to a lower number of working days due to the holiday. This calendar effect is now expected to reverse in June.

Among the technology stocks, after the recent setback, Tesla shares returned to the 1,000-euro mark, which had been cracked for the first time in the week before the start of profit-taking. They were the front runner in the Nasdaq 100 selection index, rising 4.5 percent to $ 977.90.

Computer game manufacturers were also in general demand on the Nasdaq. Increases of 3.6 percent at Electronic Arts and up to 2.5 percent at Activision Blizzard and Take-Two were justified on the market with industry fantasy. A CNBC report on Friday said telecom giant AT&T was considering selling its Warner Interactive games division. All three were named as potential buyers in the report./tih/he


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