Economy

Tech Funds on the Rise on Predominantly Higher Wall Street | Financial

The Dow Jones index ended a fraction lower at 29,397.63 points. The broad S&P 500 gained 0.8 percent to 3572.66 points and the Nasdaq technology gauge rose 2.3 percent to 11,892.93 points. Trade was a bit slower than usual as it is Veterans Day in the United States. As a result, there are, for example, no new macroeconomic figures to process.

The financial markets have been under the spell of the long-awaited arrival of corona vaccines since Monday. Pharmaceutical company Pfizer then reported that, according to preliminary test results, a proprietary vaccine is 90 percent effective in preventing infection. Pfizer (minus 0.5 percent) and partner BioNTech (minus 2.9 percent) made the news again. The European Commission has signed a contract with the two for the supply of vaccines to the European member states. This also makes millions of doses available for the Netherlands.

Tech companies

Major tech companies such as Apple, Amazon, Netflix and Microsoft advanced by up to 3.4 percent. The maker of teleconference software Zoom Video Communications gained 10 percent. Tech companies that recently benefited from working from home were hit on Monday by the news about the corona vaccine.

Alibaba was in the spotlight for Singles Day. At the bargain festival in China, the online store group managed to sell more than $ 74 billion worth of items, a record. The Alibaba share fell by 0.3 percent.

Lyft

There was also attention for the Lyft taxi app. This rival of Uber is working on its own meal delivery service to gain a share of the fast-growing market for food delivery. The corona crisis again weighed heavily on Lyft’s results recently. The figures were better than expected and Lyft was set 1 percent higher.

The euro stood at USD 1.1780, against USD 1.1762 at the close in Europe. A barrel of American oil fell 0.6 percent to $ 41.59. Brent oil fell slightly in price to $ 43.92 a barrel.

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