The first month of the year was marked by euro interest and a dip in the most popular stocks. However, on the last trading day of the week, the three major indices ended with a strong rally.
- Nasdaq rose 3.41 percent
- The Dow Jones rose 1.17 percent
- S & P500 steg 1,89 professional
A number of large companies rose significantly: Apple rose 2.32 percent and Tesla rose 10.3 percent. However, Tesla has fallen more than 11 percent so far this year.
Two energy services have also caught the attention of investors. Netflix left a tough week behind, but it rose 10.86 percent on Monday. This comes after Citibank analysts raised the recommendation from wait to buy.
Swedish streaming service Spotify is also on the alert, ending the trading day with a more than 13 percent increase. The rise comes on the heels of much publicized criticism of Spotify’s music artist Neil Young’s guidance regarding misinformation about vaccines and the coronavirus, which ended with Young removing his music from the platform last week. On Sunday, the Electricity Service announced that it would introduce an “information center” on the coronavirus.
Worst month since March 2020
The S&P 500 had its worst month since March 2020, according to CNBC. The same goes for the Nasdaq, which is down nine percent so far this year.
The S&P 500 fell more than five percent in January. The movement in the market is largely driven by cues from US Federal Reserve Chairman Jerome Powell. Last week, Powell announced that there was likely to be a 25 basis point rate increase in March.
“Basically, the Fed said the market hiring times are over, and the priority now is inflation, not the labor market,” chief analyst Michael Hewson of CMC Markets UK told Marketwatch on Monday.
Wall Street is also preparing for future quarterly reports. Alphabet, ExxonMobil, and Alibaba are reporting this week’s results. (Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.
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