As a result of trading on Monday, the American stock market also went negative under pressure from stocks in the technology sector, while both the Dow Jones and the S&P 500 retreated from record highs reached at the end of last week.
The Dow Jones Industrial Average by the close of the market dropped by 256.33 points (0.75%) and amounted to 33821.30 points.
Standard & Poor’s 500 dropped 28.32 points (0.68%) to 4134.94 points.
The Nasdaq Composite lost 128.5 points (0.92%) to 13786.27 points.
Airline stocks were among the leaders in Tuesday’s fall. American Airlines Group Inc. decreased by 5.5%, Delta Air Lines Inc. by 3.7%, Alaska Air Group Inc. by 2.7%.
United Airlines Holdings Inc. fell in price by 8.5%. The US holding company, parent company of United Airlines, continued to suffer losses in the first quarter due to limited flights due to the COVID-19 pandemic. However, the airline’s management noted the improvement in financial performance and expects the resumption of international flights to help further the recovery.
International Business Machines Corp. rose 3.8% on Tuesday. The American provider of computer services in January-March received financial results above analysts’ expectations, while revenue grew unexpectedly after a decline in the previous four quarters.
American Johnson & Johnson added 2.3%. The world’s largest manufacturer of health products increased net income and revenues in the first quarter of 2021, with results better than market expectations.
Capitalization of the American Procter & Gamble Co. increased by 0.8%. The world’s largest consumer goods manufacturer increased its net profit in the third quarter of fiscal year 2021 by 12% and increased its revenue by 5%.
Market Value Travelers Cos. increased by 0.9%. The American company, one of the largest players in the real estate and accident insurance industry, increased its net profit and revenue in the first quarter, while the results were higher than the experts’ forecasts.
Philip Morris International shares gained 2.5%. The tobacco group increased its net income and revenues in the first quarter, and the results exceeded market expectations.
Kansas City Southern shares jumped 15.3%. Canadian rail freight operator Canadian National Railway Co. made an offer to buy the American company, valuing it at $ 33.8 billion, including a debt of $ 3.8 billion. This is better than the offer of rival Canadian Pacific Railway Ltd., with which Kansas City Southern already entered into an agreement in March this year.
The material has been provided by InstaForex Company – www.instaforex.com
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