Stock exchanges celebrate another All Time High moment
The American stock exchanges were in a cheerful mood on Tuesday. Nasdaq Technology Exchange and the broad-based S&P 500 index rose to record high. Investors on Wall Street processed the Best Buy electronics vendor’s business results. Also decreasing coronavirus concerns in China, among others, boosted prices.
The Dow Jones index closed 0.1% higher. The S & P 500 increased 0.2%. The Nasdaq climbed 0.5%, aided by plussen for tech giants like Google mother Alphabet (+0.9%) and Amazon (+1.2%). By the way, Google’s sister company Waymo now also offers its self-driving taxis in San Francisco. There, a limited number of people can call up the company’s cars with an app. Within three years, Waymo wants to make it possible for everyone to use their self-driving taxis.
Best Buy came with better than expected quarterly figures and was rewarded with a profit of 8.3%. Another company that opened the books for the past period was cybersecurity company Palo Alto Networks (+18.6%).
The oil funds were able to benefit again from the further rising oil prices. For example, large companies such as Chevron (+1.2%) and ExxonMobil (+0.8%) improved.
The Chinese companies listed in New York were also wanted. Webshop Pinuoduo was up 22.3%. Taxi service Didi Global won 12.7%. The webshops JD.com (+14.4%) and Alibaba (+6.6%) were also on the rise.
The so-called Reddit stocks are also doing well. The shares of various companies were nicknamed when they were pushed to a large extent by retail investors at the beginning of this year. They encouraged each other and shared tips on forum site Reddit. Gamesverkoop GameStop up 27.5%. Cinema chain AMC went up 20.3%.
However, Johnson & Johnson dropped 1.3%. Six U.S. states do not fully agree with the pharmaceutical group’s proposal and three drug distributors to settle for $26 billion in the opioid crisis. They hold the companies jointly responsible for causing the ’epidemic’ around these heavy painkillers in the US. Over the last 20 years, overuse of these resources would have cost the lives of hundreds of thousands of Americans.
Just Eat Takeaway traded 2% higher on the Nasdaq. The Dutch meal deliverer is removed from the FTSE 100 index of the London Stock Exchange.
Wall Street investors were looking forward to the central bankers meeting in Jackson Hole, USA, and the speech by Federal Reserve Chairman Jerome Powell on Friday’s economic outlook.