Virgin Galactic plummets on Wall Street due to space travel delay

Asia's Tech News Daily

Virgin Galactic plummets on Wall Street due to space travel delay

NEW YORK (AP) — Space company Virgin Galactic took a major hit on Wall Street on Friday. Investors reacted with shock to the announcement that a planned test flight is being postponed and that commercial space travel will not be offered until the fourth quarter of 2022. The attention on the stock exchanges in New York was mainly focused on the quarterly figures of investment bank Goldman Sachs.

Virgin Galactic closed nearly 17 percent in the minus. Billionaire Richard Branson’s company is taking eight to ten months to “refurbish and improve” the spacecraft. A clear reason for the delay was not given, although the company pointed out that after an earlier test flight, it was concluded that “further inspection” of the fleet is required.

The main stock market indicators ended the last trading day of the week in the plus. The Dow Jones Industrial Average gained 1.1 percent at 35,294.76 points. The broad S&P 500 rose 0.8 percent to 4471.37 points and technology exchange Nasdaq gained 0.5 percent at 14,897.34 points.

Goldman Sachs was up nearly 4 percent. The bank saw a sharp rise in profits in the past quarter, mainly thanks to higher income from advising on mergers and acquisitions and IPOs. Earlier this week, peers such as JPMorgan Chase, Citigroup and Morgan Stanley also released strong figures.

Pharmaceutical Moderna eventually fell more than 2 percent after a higher opening. Investors were initially pleased that the FDA has recommended that people aged 65 and older and those at higher risk be given a booster shot with Moderna’s corona vaccine. But the stock later plummeted when it emerged that a decision to approve a vaccine from the company for young children had actually been postponed. The regulator is still concerned about the possible side effects.

Companies active in the field of digital currencies have been on the rise as bitcoin is worth more than $62,000 again. Coinbase Global, MicroStrategy, Riot Blockchain and Marathon Digital showed pluses of more than 12 percent. Aluminum producer Alcoa also announced quarterly figures that were better than expected and was rewarded with a plus of more than 15 percent.

The euro was worth $1.1603, against $1.1599 at the close of the European stock markets earlier in the day. A barrel of US oil rose 1.2 percent to $82.29 and Brent oil became 0.9 percent more expensive at $84.74 a barrel.

Virgin Galactic plummets on Wall Street due to space travel delay | Financial
Source link Virgin Galactic plummets on Wall Street due to space travel delay | Financial

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