The main US stock indices closed with difficulty on Monday. The Dow Jones Industrial (INDEXDJX:.DJI) gained 0.36 percent to 25,475.02 points. The broad S&P 500 gained 0.38 percent to 3055.73 points. The technology-heavy Nasdaq 100 ( INDEXNASDAQ: NDX) rose 0.45 percent to 9598.89 points.
Immediately after the start of trading, investors had even given their thumbs down slightly considering rising stock prices elsewhere and concerns about the relationship between China and the United States. In Asia, the most important markets had gone out of business, which was particularly evident in China and Hong Kong. Price premiums were also posted in Europe. In Frankfurt, however, due to holiday trading will re-start again on Tuesday.
Chinese government officials have directed large state-owned agricultural companies to stop buying some American agricultural goods. The measure is Beijing’s reaction to the increasing tensions with the United States over Hong Kong, reports the Bloomberg news agency, citing people familiar with the matter.
There were few market-moving corporate news. The biopharmaceutical company Gilead Sciences (NASDAQ: GILD) had to cope with disappointing results from a large medical study. Gilead’s remdesivir showed little benefit in patients with more moderate effects of Covid-19. The company’s share price fell three and a half percent.
At the end of the Dow Jones, Pfizer also fell a good seven percent due to disappointment in drug development. The hoped-for results in a so-called phase three study with a new therapy for breast cancer had not been achieved here.
General Electric (NYSE:GE), on the other hand, grew by almost three percent. The Swiss bank UBS had increased the price target for the conglomerate and confirmed the buy recommendation.
The shares of the online game provider Zynga were also doing well . The shares climbed by five and a half percent after the announced takeover of the Turkish industry colleague Peak.
In the end, the shares in the cosmetics group Coty (NYSE:COTY) were one of the best performers today. Stock jumped up more than 20% after the top management was filled.