Stock markets in New York opened higher on Monday, after the recent declines in the US leading indicators. Bargain hunters seem to be hitting Wall Street.
Apple managed to recover from Friday’s minus when the stock was lowered due to a setback in a legal dispute with computer game company Epic Games.
The Dow-Jones index rose 0.6 percent shortly after the start at 34,815 points. The broad S&P 500 also rose 0.6 percent to 4487 points, and the technology gauge Nasdaq gained 0.5 percent to 15,186 points.
Apple advanced 1.2 percent. The tech group lost 3.3 percent in market value on Friday. A judge ruled in a case brought by Epic, the maker of the popular game Fortnite, that Apple must allow developers to use their own payment systems outside of the company’s App Store. This directly affects the company’s income. However, the judge did not label Apple an “illegal monopolist” as Epic had demanded. Epic is appealing the ruling.
New York-listed Chinese online retailer Alibaba lost 2.2 percent. The Chinese government reportedly wants to break up payment company Ant Group, part of Alibaba. In Hong Kong, the share of Alibaba has already fallen sharply.
Wall Street-listed Chinese electric car maker Nio fell 1.4 percent. China believes that there are too many companies in the country engaged in the development of electric cars and electric driving. Beijing, therefore, wants to see a consolidation in the market so that companies become bigger and stronger. Tesla lost 0.6 percent.
Commercial space company Virgin Galactic lost 3.3 percent. The company is delaying its first commercial space exploration flight due to a possible operating system malfunction. A supplier warned Virgin Galactic about the potential defect.
Computer manufacturer Dell Technologies gained just under 3 percent. Investment bank Goldman Sachs has put Dell on its buy list, partly because of the strong cash flow and its plans to reduce debt.
Biotechnologist Leap Therapeutics rose almost 20 percent. The company announced new results of research into its cancer drug.