The Daily Times Newspaper

Virgin Galactic Wins on Wall Street After A Successful Test

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Space company Virgin Galactic experienced a price jump of more than 14 percent on Monday at the opening of the stock exchanges in New York. The spacecraft VSS Unity Galactic made a successful manned test flight on Saturday.

 

This increased confidence in the company of billionaire Richard Branson, which wants to offer commercial space travel quickly.

The spacecraft, manned by two pilots, was launched from Spaceport America in New Mexico. The launch marked an essential step for the company after previous setbacks. A test in December did not go as planned. In November 2014, Virgin suffered its most significant setback to date when the previous SpaceShipTwo model crashed during a test flight over California. A pilot was killed in the process.

The indicators in New York were in the plus shortly after opening. The leading Dow Jones index was up 0.4 percent at 34,327 points, and the broad S&P 500 gained 0.6 percent to 4182 points. Tech gauge Nasdaq also turned green with a gain of 1 percent to 13,611 points. Thus, the stock markets recovered somewhat from the losses of the past trading days, mainly due to inflation fears.

Patrick Harker, president of the Federal Reserve in Philadelphia, said in an interview with The Washington Post on Friday that the US central bank system should talk as soon as possible about phasing out the bond buyback program, which will support the economy. According to Harker, the winding down must be done carefully not to trigger a shock reaction in the financial markets.

Furthermore, US President Joe Biden’s plan for the first significant tax hike since 1993 would meet increasing resistance. The increase may need to be toned down a bit to get the plan through Congress.

A barrel of American oil became 1.8 percent more expensive at $ 64.72. Brent oil rose 0.7 percent in price to $ 67.58 a barrel. The euro climbed to $ 1.2219 from $ 1.2186 on Friday.

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