Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.
Dow Jones successfully revived itself from the previous loss of 260 points setting a new record high.
Dow Jones has gained 448.28 points closing on the average value of 34,870.16 setting a new record high whereas S&P 500 also bounces back by 500 points earning a jump in value by 1.1% and closing on 4369.55 respectively. Nasdaq Composite also recovered from the recent market upheavals by closing at a record value of 14,701.92.
While the three corporations experienced some mild drops in market value and shares this Thursday, the companies were successfully able to rebound and revive their prices the very next day with a considerable rise in the stock index value.
Dow Jones Industrial Average Jumps to New Record High
Friday saw a significant change in stock prices for notable organizations that were able to establish equilibrium in their prices once again. Bank of America (NYSE: BAC) recorded a jump in prices by 3.3% whereas Royal Caribbean and Wynn Resorts closed a record high of 3.6 % and 2.2 % worth of financial gain. Apart from these, American Airlines Group Inc (NASDAQ: AAL) and United Airlines Holdings Inc (NASDAQ: UAL) have also registered a rise in prices by 2%.
General Motors Company (NYSE: GM) shares also documented a substantial rise in prices by 4.8%. According to Wedbush, the stock of general motors was worthy of investment as investors have realized the promising potential of the tech and electric vehicle sector.
Big Tech Stocks’s financial gains were capped this week considering the decision of Biden signing an executive order that highlights the competitive practices by sector giants. Amazon.com Inc (NASDAQ: AMZN) also noted a fall in prices with 0.3%.
The losses incurred on Dow Jones on Thursday have been regarded as due to Covid making a comeback again with a new delta variant. It can also be partly due to the decision of the Olympics banning their spectators due to rising covid concerns in Tokyo. These two conditions have added enough fuel for the economic index to register a steep fall in market evaluation.
Furthermore, the latest report on jobless claims released on Thursday has hinted at a potential slow down that can hit the labor sector this year.