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NEW YORK (dpa-AFX) – The Dow Jones Industrial (Dow Jones 30 Industrial) gained a small lead on Monday after a long negative trend towards the close of trading. The continued rise in oil prices had created optimism regarding economic development, traders said.
In the end, the Dow rose 0.11 percent to 23,749.76 points. The S&P 500 market-wide rose 0.42 percent to 2,842.74 points. The NASDAQ 100 gained 1.33 percent to 8,834,114 points.
However, for a long time, renewed tensions between the United States and China, as well as historically weak economic data from the industry, pressured the mood in the US stock market.
In a Western intelligence document, China is severely criticized for dealing with the pandemic. According to media reports, the file documents the cover-up by Chinese authorities and indicates a risky investigation in a laboratory in the Chinese city of Wuhan, where the new corona virus first appeared in December.
Secretary of State Mike Pompeo said Sunday there was “significant” evidence that the crisis started in that laboratory. Previously he had president of the EE. USA Donald trump The corresponding speculation in this regard was fueled and threatened again with a trade war and new punitive tariffs. China has rejected the accusations and views the United States as a “deviation” from its “own inability” to combat the pandemic.
Market analyst Milan Cutkovic of AxiTrader said it was probably a misjudgment that, given the virus crisis, the trade conflict was just a “relic of the old days.” Therefore, investors would need “strong nerves in the coming weeks.”
Bad news from the economy also came: Orders to American industrial companies plummeted in March as a result of the Corona crisis. Companies received 10.3 percent fewer orders than in the previous month. This is the strongest monthly decline ever measured. Analysts had expected a significant drop, but estimated it was an average of 9.5 percent.
Among individual stocks, oil stocks were among the biggest winners. Exxon Mobil at the top of the Dow increased by four percent. Industry colleague Chevron gained a good two percent lead.
However, the shares of major US airlines were under intense selling pressure. Over the weekend, the investment firm of star investor Warren Buffett, Berkshire Hathaway, announced that it had sold all of its stakes in US airlines. Delta Air Lines, United Airlines, and American Airlines lost as much as eight percent.
Berkshire Hathaway had significantly increased operating profit in the first quarter despite the crown crisis. Compared to the previous year, the result increased by about six percent. However, Berkshire’s net income was a record loss of $ 50 billion, as the recent turmoil in the stock market massively dragged down many stocks. However, this indicator is considered inappropriate as a criterion for the course of business because it is distorted and fluctuates greatly due to the fact that unrealized investment gains and losses are shown. The holding’s shares fell about two and a half percent.
Tyson Foods’ role lost nearly eight percent. The meat company had posted unexpectedly low earnings per share for the first quarter and expects a further decline in productivity. Tyson also lowered his annual goals. However, an analyst at Swiss bank Credit Suisse wrote in a comment that declining demand and the group’s current livestock population should lead to a “more reasonable” market environment, which should benefit the company in the future. Advised to buy the stock. / He / kro / he
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