Wall Street Starts Slightly Higher in Shortened Trading Week

Stock markets in New York started slightly higher on Monday after a shortened trading week. Wall Street will remain closed on Thursday for Thanksgiving Day, and Friday, Black Friday, will be half-day trading by investors in the United States.

 

This week’s focus will include minutes of the Federal Reserve’s most recent policy meeting and the reappointment of Jerome Powell as Federal Reserve chairman. The further developments surrounding the strict corona measures in Europe also continue to receive attention.

Shortly after opening, the Dow-Jones index recorded a plus of 0.4 percent at 35,753 points. The broad-based S&P 500 climbed 0.5 percent to 4,722 points, and the technology gauge Nasdaq gained 0.5 percent to 16,141 points.

President Joe Biden announced Monday that current Fed Chair Jerome Powell is getting a new term. That was not certain for a long time, and Lael Brainard was also mentioned as a candidate for the highest position within the US central bank. She will be named Vice-President by Biden. Biden will also give a talk on the economy and ways to combat high inflation on Tuesday.

Games producer Activision Blizzard, known for Call of Duty and World of Warcraft, fell 1.4 percent. CEO Bobby Kotick is considering stepping down if he fails to change the corporate culture at the company. That reports business newspaper The Wall Street Journal based on insiders. The company is said to have experienced sexual harassment in the workplace for years. Kotick would also have known about this.

Cloud services provider Vonage was a notable climber, with a profit of almost 25 percent after news that the company is being acquired for $6.2 billion by Swedish telecom equipment maker Ericsson. Aerospace company Astra Space jumped about 39 percent. The company successfully launched a rocket into space for the first time last weekend.

Energy drink maker Monster Beverage (plus 0.4 percent) was also in the spotlight. The company is reportedly in merger talks with beverage company Constellation Brands (minus 1.4 percent). The combined market value of those companies is approximately $92 billion.

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