Shares record high on Wall Street: “We do not believe the micro-variant will have a significant impact on economic growth prospects”


New York

U.S. stock indices rose on Monday as trading reopened on Wall Street after the Christmas holidays.

Investors seemed to have forgotten about interest rate concerns for a moment, as the broad S&P 500 index hit a new record during the day for the first time in more than a month.

Strategies that follow Wall Street investors remain positive about the development of the U.S. stock market despite the spread of the coronavirus own variant.

“We do not believe that the micro-variant will significantly affect the outlook for economic growth. Moreover, it is likely to accelerate the end of the entire pandemic,” Dubravko Lakos-Bujas JPMorganilta comments according to CNBC.

Investors are hoping for a phenomenon called the Santa Rally. This indicates that shares rose during the last five trading days of December and the first two trading days of January.

The S&P 500 index has risen 28 percent this year.

Chip stocks in particular rose on Monday. Advanced Micro Devices increased by 5.6 percent and Nvidia 4.4 percent.

Energy shares also rose as oil prices rose. Exxon Mobilin the share price rose 1.4 percent and Chevronin share two percent.

According to CNBC, Christmas boat sales grew 8.5 percent this year from last year, the fastest pace Mastercardin according to 17 years. Sales were buoyant, although many retailers suffered from supply chain disruptions, higher prices and costs, and the spread of the micro version.

One of the largest technology companies Apple increased by 2.3 percent and Teslan share 2.5 percent, but online shopping Amazon the share fell 0.8 percent.

Airlines became cheaper when they had to cancel flights during Christmas due to a deteriorating corona situation. Delta Air Lines decreased by 0.8 percent and American Airlines half a percent.

The euro strengthened against the US dollar after the stock markets closed. The 10-year rate on U.S. government debt was down 1.480 percent after the stock markets closed.

The Dow Jones index rose one percent, the S&P 500 index 1.4 percent and the Nasdaq index 1.4 percent.


Source: Arvopaperi by www.arvopaperi.fi.

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