The Dow Jones Industrial Average gained 0.8%. The broad-based S&P 500 is up 0.8% and tech Nasdaq is up 0.6%.
Robinhood’s stock rose 19% at $44.60 per share, well above its $38 introductory price from its listing last Thursday. It offered a quarter of all shares to retail investors. They discover the upside potential, brokers explain the price increase on Tuesday evening.
It is one of the top stocks at Fidelity, usually a measure of success. And among Reddit.com’s “stock market rebels,” Robinhood has emerged as a favorite.
Game companies are still under pressure. A Chinese state media has called in an article to regulate online gaming. According to Economic Information Daily, many teens are addicted and the mobile games are “spiritual opium.” The news is fueling fears that China wants to tackle the game sector.
Share of game producer Activision Blizzard is down 5%. Top executive J. Allen Brack has resigned because of the scandal after he was charged with alleged abuses in the workplace. Last week, about 200 employees of the company went on strike in protest against the ill-treatment of female employees. California accuses the game company of “promoting a sexist culture and paying women less than men,” the lawsuit said.
The Chinese Alibaba lost about 4 percent in New York. The internet company did make a substantial profit in the second quarter. A quarter earlier, the company suffered a rare loss due to a multi-billion dollar fine from the Chinese authorities for monopoly practices.
Under Armor, in turn, gained almost 3 percent in market value and Dupont was down about 3 percent shortly after the opening bell. New results from cleaning products manufacturer Clorox were clearly not convincing and this share was reduced by almost 12 percent.
The Dutch NXP, which is listed in New York, also attracted attention. The chip manufacturer has come up with an optimistic outlook, but was still 0.5 percent lower on Wall Street. Due to the worldwide chip shortage, there is a lot of demand for chips and not only the former semiconductor division of Philips, but all chip companies have recently experienced significant growth.
Gartner gains 10%, Ralph Lauren moves 8% higher in the S&P 500.
There was also other news with a Dutch twist. Soft drinks and snack company PepsiCo sells several juice brands in the United States and Europe to the French investor PAI partners, which also owns the Rotterdam-based Wicky maker Refresco. PepsiCo was up 0.3 percent in early trading in New York.
The euro was worth $1.1864, against $1.1875 a day earlier. A barrel of US oil was 2 percent cheaper at $69.73. Brent oil cost 1.8 percent less at $71.60 a barrel.
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Dow gains 278 points on improving industry | Financial
Source link Dow gains 278 points on improving industry | Financial