Stocks in New York kicked off the new stock market for March with good price gains on Monday. Investor sentiment on Wall Street supports the news that the US House of Representatives has approved adding $ 1.9 trillion in additional emergency aid to tackle Corona to the US economy.
Soon after the opening, the Dow Jones was up 1.6 percent at 31,435 points. The Standard & Poor’s 500 Index rose 1.6 percent to 3,871 points, and the technology Nasdaq index rose 1.5 percent to 13,106 points.
President Joe Biden’s coronavirus support package now goes to the Senate, where Democratic Vice President Kamala Harris may have to cast her vote. In the Senate, Republicans and Democrats each have 50 seats.
Pharmaceutical company Johnson & Johnson (J&J) won 1.3 percent. The FDA has given the vaccine from Leiden Pharmaceuticals Janssen, a subsidiary of J&J, emergency approval to the US market. The advantage of Leiden is that it can be stored in a regular refrigerator and only requires one injection. The European regulator EMA is expected to approve the vaccine on March 11th.
Companies highly sensitive to the effects of the Corona crisis have sprung up on news about the bailout and vaccine package. Cruise lines like the Carnival and Norwegian Cruise Line, for example, are up 5 percent. American Airlines, Delta Airlines and United Airlines also jumped 5 percent.
Moreover, the focus was on Berkshire Hathaway, the investment company of US superstar investor Warren Buffett. Berkshire performed stellar in the fourth quarter of 2020. The company posted a much higher result, supported by returns from equities such as those of Apple technology group. Additionally, Berkshire’s insurance portfolio has performed well. Berkshire shares advanced 2.7 percent.
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