Wall Street gives up its last trading hour profits

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The US stock markets give up their gains in the last hour of trading. Prices rose all day after it was announced before the opening that Russia had approved a vaccine against Covid-19. Investment bank Goldman Sachs also announced over the weekend that it is confident that a vaccine will be approved before the end of the year. But as the stock market session came to an end, Russia’s “breakthrough” was met with increasing skepticism.

The Dow Jones Industrial Average has to drop 104 points, a loss of 0.4 percent. The S&P 500 even flirted with a record price all day long, but eventually closed with a loss of 0.8 percent. The exception to the rule was the Nasdaq tech exchange. It was in the red all day and has to surrender more than 1.7 percent.

Investigators also continue to have doubts about the timing of a new stimulus program. President Trump issued four presidential decrees over the weekend, but whether they can be legally enforced remains to be seen.

Big Tech in particular has to give up ground. Facebook, Amazon, and Microsoft all go down a full percent or more. Apple and Netflix have to give up more than 2 percent. Google holding Alphabet is also 0.6 percent below its opening price.

News from Russia pushed stocks benefiting from the economy higher. Clothing chain Gap (+ 3 percent), Norwegian Cruise Line (+ 4 percent) and casino operator Wynn Resorts also scored higher.

Gold and silver took a hard time now that a vaccine is becoming a reality. Gold is down 5.5 percent and slumps back below the $ 2,000 psychological barrier. A troy ounce of gold must be paid $ 1,926 on Tuesday evening. Silver even goes down 14 percent.

Oil is 0.82 percent lower. A barrel of Brent oil still costs $ 44.64. The euro trades virtually unchanged at USD 1,173. The bitcoin lost 5.2 percent and will cost $ 11,243 on Tuesday evening.

Source: BusinessAM

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