The Daily Times Newspaper

Small Results on Wall Street After New Record for S&P 500

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The stock exchanges in New York opened with small price results on Friday, after the broad-based S&P 500 rose to a new record level a day earlier.

 

Technology funds on Wall Street were under slight pressure from rising yields on US Treasuries, making those companies less attractive as an investment. As a result, American banks rose precisely because they benefit from higher interest rates.

Shortly after the start, the leading Dow Jones index recorded 0.3 percent higher at 33,592 points. The S&P 500 was virtually unchanged at 4097 points, and the Nasdaq technology gauge dropped 0.5 percent to 13,693 points.

Large tech companies such as Amazon, Apple, Google parent Alphabet and Microsoft lost up to 0.5 percent. Banks like Goldman Sachs, Bank of America, JPMorgan Chase, Citigroup and Wells Fargo gained up to 1 percent.

Boeing fell 1.8 percent. The aircraft manufacturer is grounding dozens of aircraft of the 737 MAX type due to an electronic defect that must be repaired. The devices were only rereleased for use a few months ago. The 737 MAX was grounded for months after two deadly disasters in a short period.

Pharmaceutical Johnson & Johnson (J&J) lost 0.6 percent. Someone who received the corona vaccine from the Dutch subsidiary Janssen suffered from the same blood complaints as with the AstraZeneca vaccine. This person died as a result, according to the European Medicines Agency (EMA).

On a macroeconomic front, it was reported that US producer prices rose faster in March than a month earlier. This increase was also more substantial than expected. Rising producer prices may further fuel inflation in the United States.

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