The Dow Jones index closed 1.5% higher. Nasdaq tech exchange rose 1.9%. The broad-based S&P 500 index climbed 1.6%.
A US federal judge on Sunday temporarily blocked the Trump administration’s decision to ban the Chinese app TikTok from US app stores. His decision came hours before the ban on the popular video platform should take effect. The US government has been threatening to ban TikTok for some time. According to the Trump administration, TikTok stores too much data, which would end up with the government of the Asian country via the Chinese parent company ByteDance.
In addition, attention turned to the chip industry due to the news that Washington has imposed additional trade restrictions on the largest Chinese chip manufacturer Semiconductor Manufacturing International Corporation (SMIC). US companies wishing to do business with SMIC are now subject to rules that apply only to trade with companies making military applications.
Uber (+ 3.2%) was also in the spotlight. The taxi company has returned its London taxi license. A British judge ruled that the American company has done enough to meet the conditions. The verdict is a major win for Uber. London is one of the company’s most important markets.
Furthermore, the web store giant Amazon (+ 2.6%) are planning to triple its workforce in Vancouver in the coming years. Currently, 2700 people still work for Amazon in the Canadian city. Software developers are relatively cheap and easy to find in Vancouver, which is why it is interesting for Amazon to expand so much here.
Tesla CEO Elon Musk also made himself heard. He thinks the electric car maker could make 20 million cars a year by 2030, he said on Twitter. The goal is ambitious, because 365,000 Teslas rolled off the line last year. Tesla stock advanced 3.4%.
Biotechnoloog Inovio Pharmaceuticals (-28.3%) is also in the spotlight. The company announced that an investigation into its possible corona vaccine has been partially halted. Inovio is currently discussing this with the FDA drug agency.
Iron ore and steel producer Cleveland-Cliffs gained 11.4% following the acquisition of the US arm of ArcelorMittal for $ 1.4 billion.
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