NEW YORK (awp international) – On Wall Street, tech stocks continued their recent recovery rally on Monday. Ultimately, however, the leading index Dow Jones Industrial suffered somewhat from concerns about the surprisingly slow economic growth in China. In view of the slightly falling or stagnating oil prices, the fear of inflation faded somewhat into the background.
The Dow only briefly made the leap into profitability on Monday and closed 0.10 percent lower at 35,258.61 points. In the past week, the stock market barometer had achieved an increase of 1.6 percent.
At the beginning of the week, mixed signals had come from Asia, which had depressed sentiment in early trading. The upswing in the Chinese economy lost much of its momentum in the third quarter: the world’s second largest economy grew by just 4.9 percent year-on-year and thus slightly less than experts expected on average.
However, the investors had already accessed the previous week after an intermittent price slide. The Dow had recovered by three and a half percent within three trading days, which stockbrokers see as a sign of strength. Even the record high of 35,631 points is within reach again.
On Monday, investors focused again on the factors that had triggered a recovery rally last week. These include the good start to the corporate reporting season and robust US economic data.
The S&P 500 gained 0.34 percent on Monday to 4486.46 points. For the technology-heavy Nasdaq 100, it went up 1.02 percent to 15,300.89 points.
Meanwhile, Walt Disney’s papers lost around three percent at the Dow end. Barclays Bank analyst Kannan Venkateshwar worried about the growth of the Disney + streaming business in a study.
Among tech stocks, Tesla’s shares built on their latest winning streak, rising more than three percent. They have already risen more than half in value since their May low. It was only recently that the electric car manufacturer’s surprisingly strong delivery figures gave the course a fresh impetus. In addition, according to stockbrokers, investors are likely to bet that Tesla can cope with the semiconductor shortage in the industry better than its competitors.
Apple shareholders were happy about a plus of a good one percent. The computer company had announced two new high-performance chip systems with which it wants to accelerate its departure from Intel processors.
The euro was most recently quoted at 1.1610 US dollars. The European Central Bank had previously set the reference rate at 1.1604 (Friday: 1.1602) dollars. The dollar cost 0.8618 (0.8619) euros.
On the US bond market, the futures contract for ten-year Treasuries (T-Note-Future) expanded its recent losses somewhat and fell 0.18 percent to 130.73 points. Ten-year government bonds yielded 1.59 percent./la/men
— By Lutz Alexander, dpa-AFX —
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