Economy

Alphabet sought after on flat US markets | Financial

The Dow Jones index and the broad-based S&P 500 ended up 0.1% higher. The Nasdaq fell 0.02%.

Alphabet excelled with a price jump of 7.3%. The Google mother performed much better than expected in the past quarter.

Bee Amazon (-2%) CEO Jeff Bezos will hand over the baton to Andrew Jassy in the middle of this year. The new CEO is seen as the engine behind the most profitable part of the company, cloud service provider Amazon Web Services (AWS). Jassy has worked for Amazon since 1997. After relinquishing the day-to-day management, Bezos will remain attached to the company as chairman of the board. The internet shopping giant also delivered better-than-expected quarterly results.

The rate of GameStop rebounded 3.1%. The much-discussed stock has become a plaything for hedge funds and private investors, plummeting 60% on Tuesday. Cinema chain AMC, another stock that both parties have invested in, traded 13.4% higher.

This week, new minister Janet Yellen (Finance) is also convening top officials from the SEC stock exchange watchdog and the Federal Reserve central bank umbrella. She wants to talk about the volatility caused by the meddling of Reddit investors.

Spotify however, fell 8.1%. The streaming service suffered a loss of € 69 million in the past quarter. The number of paying Spotify subscribers did increase by 10 million to 155 million.

A windfall for investors is that the number of jobs in the US grew faster than expected last month. According to pay slip processor ADP, 174,000 jobs were added, while analysts had assumed 70,000 new jobs. The official job report from the US Department of Labor will be released Friday.

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