Tuesday, February 27

Wall Street Opens With Gains After Losses the Day Before

Stock markets in New York started higher on Friday on the last trading day of the week. In doing so, they partly recovered from the loss of the day before, aided by bargain hunters on Wall Street. Jeans maker Levi Strauss also benefited from good quarterly results.


Companies that still had to take losses on Thursday due to concerns about the economic recovery from the corona crisis and the advance of the Delta variant were picked up again. For example, the airlines’ Delta Air Lines, American Airlines and United Airlines rose to 0.9 percent. Cruise providers Carnival, Norwegian Cruise Line and Royal Caribbean were up 1.5 percent.

The financial sector also rebounded. Major banks such as Citigroup, JPMorgan Chase, Bank of America and Wells Fargo posted pluses of up to 2 percent.

Shortly after the start, the leading Dow-Jones index recorded a price gain of 0.6 percent at 34,625 points. The broad S&P 500 was up 0.5 percent to 4340 points, and the technology gauge Nasdaq rose 0.1 percent to 14,574 points.

Levi Strauss won 1.7 percent. The American maker of jeanswear is almost at the level of before the corona crisis in terms of turnover. In particular, the brand’s increasing online sales resulted in additional revenues. But the fact that more and more shops are allowed to open again also generates more income. As a result, Levi Strauss further raised its expectations for the full year as well as its dividend.

The New York-listed Chinese taxi app Didi Global managed to recover from the beating of earlier this week with a plus of 2.6 percent. Didi has been hit hard in recent days as the Chinese authorities are increasingly strict against technology companies. Online retailer Alibaba also showed some recovery, with a gain of 1.2 percent.

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