Another Record Day for Dow Jones, Not for Tech
Another Record Day for Dow Jones, Not for Tech. The stock exchanges in New York closed Friday with a new record for the leading Dow Jones index.
Fear of the consequences of the trade war between the United States and China disappeared further into the background. In contrast, the technology sector was under pressure.
The Dow-Jones index closed 0.3 percent higher at 26,736.10 points. The S & P 500 dropped a fraction to 2929.65 points. The Dow and the S & P 500 both established records on Thursday. The technology indicator Nasdaq went down 0.5 percent to 7986.96 points.
Minister of Finance Kim Dong-Yeon of South Korea indicated to be optimistic about the conclusion of a new trade agreement with the US. Parliamentarians, however, threatened to stop a new trade pact if the US introduced new import duties on Korean cars and car parts.
The value of the British pound declined against the dollar after Prime Minister May’s statements. He said that negotiations with representatives of the European Union are at an impasse.
Chipmaker Micron said that the trade war with China might have a full year on the results. The company announced good quarterly results but dropped nearly 3 percent. Other chip funds such as AMD and Intel fell to 1.1 percent.
Software maker Adobe Systems dropped 2.1 percent. That company announced to buy marketing software maker Marketo for 4.75 billion dollars. Medical technology company Medtronic also announced a takeover and rose 0.4 percent. It takes over Mazor Robotics (plus 10.2 percent) for more than 1.6 billion.
Tesla went up 0.3 percent. The maker of electric cars has lost a high manager again. Liam O’Connor, who supervised the delivery of parts, is the fifth senior manager to leave Tesla in a short time. Furthermore, it emerged that the company this week 3800 cars of the type Model 3 has made.