That leaves President Joe Biden the task of signing the law. That will happen on Friday.
The Dow Jones gained 1.5%, hitting the record set three weeks ago. The Nasdaq index ended virtually unchanged. On Tuesday, the latter stock market indicator had risen by 3.7%. Investors dived into stocks that had fallen sharply in recent weeks. Tesla in particular made an impressive comeback of almost 20%. Now the manufacturer of electric cars fell 0.8%.
That technology stocks lagged is remarkable. Bond yields were in fact under severe pressure. The 10-year interest rate fell by 7 basis points to 1.525%. In principle, this means that the value of their future profits will increase.
The fall in bond yields follows the news that consumer prices rose by 0.4% in February. So-called core inflation, which is corrected for, among other things, strongly fluctuating energy prices, was limited to 0.1%. As a result, investors’ fear of inflation has diminished somewhat.
GameStop caused a stir. After a 40% gain at the start of the trading day, the game retailer hit its all-time high at $ 348.40. Trading in the stock was then halted for some time due to the large fluctuation. When trading resumed, the price dropped far below $ 200 to close 7.3% higher.
In January, GameStop’s stock benefited from a real madness surrounding the pieces. Private investors encouraged each other via internet forums Reddit to invest in the shares, in order to thwart large investment funds that were speculating on a price drop. Subsequently, the share went through the roof. Public prosecutors in the United States would even investigate whether the notable rise in GameStop shares involved price manipulation.
Roblox closed 54.4% above its so-called reference price. The gaming platform went to the New York Stock Exchange without the intervention of accompanying banks and subscription to the shares was not possible. Roblox now has a valuation of about $ 35 billion.
General Electric lost 5.4%. The industry group sells its aircraft lease business to Irish AerCap Holdings for more than $ 30 billion.
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