Economy

New York Stock Exchanges Go Long Weekend With Small Profits | Financial

The Dow-Jones index ended almost flat at 24,465.16 points. The broad S&P 500 gained 0.2 percent to 2,955.45 points and Nasdaq technology exchange rose 0.4 percent to 9,324.59 points. On Monday, the stock markets will remain closed on Memorial Day, the day on which fallen American soldiers are commemorated.

Prime Minister Li Keqiang announced at the opening of the National People’s Congress that China will introduce laws to ensure “national security in Hong Kong and Macau.” That move is strongly condemned by the United States.

Economic growth in China

China also announced that it will not set any official targets for economic growth this year. This indicates that the blow of corona crisis for the world’s second largest economy is significant. Alibaba, Baidu and JD.com, all three Chinese tech companies with an American stock exchange listing, were up 6.1 percent.

Car rental company Hertz (minus 7.5 percent) seems to be getting increasingly difficult. Creditors have not yet reached an agreement with the company regarding deferment of payments, Bloomberg news agency reported on an insider basis.

Nvidia

A number of companies also released quarterly figures. Those of chipmaker Nvidia could count on investor approval. The share was moved up 2.9 percent after the company significantly increased sales and profit.

Hewlett Packard Enterprise announced cost savings after disappointing results in the past quarter. The business supplier of IT systems and hardware was worth almost 11 percent less. Industry colleague IBM also announced a reorganization and lost 0.6 percent.

The euro was worth $ 1.0904, compared to 1.0897 when the European stock markets closed. A barrel of American oil cost 1.4 percent less at $ 33.46. Brent oil became 2.3 percent cheaper at $ 35.25.

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