The S&P 500 and Dow Jones indices closed higher on Monday, amid a largely positive season for corporate earnings, while the Nasdaq index came under pressure from declines in some high-value growth stocks as the shift to cycle-related stocks continued and the economy reopened.
Shares in economic-sensitive sectors such as consumer goods, energy and raw materials outperformed growth sectors such as technology and telecommunications services.
The Dow Jones Industrial Average ended the trading session on Wall Street, up 0.71 percent to 34,113.89 points, while the benchmark S&P 500 index rose 0.27 percent to close at 4,192.66 points. The Nasdaq composite index closed down 0.48 percent to 13,895.12 points, affected by losses of shares. Big tech companies include Amazon.com, Alphabet, Facebook and Microsoft.
Shares in sensitive sectors of the economy such as mining, travel and energy led the gains in European stocks on Tuesday, outperforming British stocks after a long weekend.
The Stoxx 600 index of European stocks rose 0.4%, the German DAX index advanced 0.2%, the British FTSE 100 index increased 0.8%, and the travel and entertainment sector gained 1.3%, which is the largest increase in Europe, taking advantage of Britain’s expectations to announce a green list of countries that can For its citizens to travel to it for vacations.
The mining, oil and gas sectors also rose by more than one percent, with expectations of a strong economic recovery thanks to massive vaccination programs in developed countries and unprecedented stimulus.
Technology stocks ran into trouble after their peers came under pressure on Wall Street on Monday.
Dassault aircraft company’s shares jumped 5.2% after the Egyptian Ministry of Defense announced that it had signed a contract with France to buy 30 Rafale fighters. (Reuters)