Wall Street continued to climb sharply after the latest gains on Monday.
Of the Dow Jones opened the Monday session with a gain of 0.29 percent at 28,671.12 points and maintained the upward movement. At the closing bell, the stock market barometer showed a premium of 0.88 percent to 28,837.52 units. Of the NASDAQ Composite even gained 2.56 percent on 11,876.26 points.
At the start of an eventful week, technology stocks were once again the trump card among investors. They benefited from the fact that the international negotiations on the introduction of a digital tax are proceeding more slowly than planned because of the coronavirus pandemic and political differences. Due to the bank holiday “Columbus Day”, however, trading activity was on the whole rather calm.
Investors bullish on stimulus package
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The market is still dominated by optimism regarding an agreement between the Republicans and Democrats on another Corona aid package. The chairwoman of the democratically dominated House of Representatives, Nancy Pelosi, had stressed at the weekend that, despite the great differences between the two parties, she had hope that the latest offer “brings us closer to an agreement on an economic stimulus package” to counter the pandemic and the economic crisis. Pelosi and Treasury Secretary Steven Mnuchin plan to meet for further talks later this week. Larry Kudlow, the top economic advisor to US President Donald Trump, also promised an increase in the government offer recently rejected by the Democrats.
Tech values are clearly picking up
Apple led the stately winners list in the Dow – also in the NASDAQ 100 the titles of the technology group were to be found far ahead. In addition to the general strength of the industry, the anticipation of investors for the presentation of new products on Tuesday helped. Especially the new iPhone 12 – the first Apple smartphone that is supposed to be equipped for the super-fast 5G data transmission – is likely to meet with great interest. In addition, the analysis house RBC raised the target price for Apple from 111 to 132 dollars and reiterated its buy recommendation.
At Amazon The shareholders were able to look forward to a price gain of almost five and a half percent. One day before Amazon’s “Prime Day”, which attracts the online retailer’s Prime subscribers for 48 hours with particularly favorable offers, investors apparently hoped for brisk business. Finanzen.net / dpa-AFX editorial team