Dow gains 278 points as industry recovers | Financial
The Dow Jones Industrial Average gains 0.8% today. The broad-based S&P 500 is up 0.8% and tech Nasdaq is up 0.6%.
Robinhood’s share rose 24.2% at $47 a share, well above its $38 starting price from Thursday’s listing.
The fund offered a quarter of all shares to private 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.
The share of game producer Activision Blizzard is down 3.5%. 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. Electronic Arts fell 3%.
In the Dow Jones, IBM won 1.9%, Amgen and 3M followed with 1.8% gains.
The Chinese Alibaba first went down about 4% in New York. This was followed by a recovery to 0.8% price gain. 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 7.5% in market value and Dupont was down about 3% 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, gained 0.7%. The chip manufacturer has come up with an optimistic outlook, but was mainly met with a wait-and-see attitude 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.
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 gains 0.2%.