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Tech companies benefited from calm exchanges

The stock exchanges in New York are closed close on Monday. The tech sector was popular with investors, who kept their guns dry awaiting the Federal Reserve interest rate decision later this week. Developments in the trade war and rising tensions around Iran also had an impact on the market.

The Dow-Jones index closed 0.1 percent higher at 26,112.53 points. The broad-based S&P 500 rose 0.1 percent to 2889.67 points and the Nasdaq tech fair was 0.6 percent higher at 7845.02 points.

The Fed will start its policy meeting on Tuesday. It is expected that the umbrella of US central banks will not adjust interest rates this time, but may well open the door for an interest rate cut later this year.

Tech funds went up sharply. Facebook, Apple, Netflix and Google mother Alphabet rose to 4.2 percent. Tesla electric car maker was also in demand with a plus of 4.7 percent.

Aircraft manufacturer Boeing was set 2.2 percent higher. Chief executive Dennis Muilenberg said at the Paris aviation show that the challenged Boeings of the 737 MAX type, which are being held for security reasons, will be airworthy again this year.

There is also takeover news. Pharmaceuticals Pfizer (plus 0.3 percent) takes over biotechnologist Array BioPharma (plus 56.9 percent) in a deal worth $ 11.4 billion. Array is involved in cancer treatment. The Dutch biotechnologist UniQure (plus 11.8 percent), who is listed in New York, would also be looking for a buyer. That is one of the options in a strategic research for the company.

Sotheby’s auction house shot up nearly 59 percent after the company accepted a $ 3.7 billion takeover bid from BidFair USA. That company is owned by Patrick Drahi, the founder of Altice Europe. He wants to sell up to 400 million dollars in Altice USA shares (minus 2.3 percent) to pay for the purchase.

The euro was quoted at 1.1216 dollars, against 1.1230 dollars at the close of the European stock exchanges. A barrel of American oil cost 1 percent less at $ 51.98. Brent oil fell 1.5 percent in price to $ 61.06 a barrel.

About the author: Matthew Johnson

Matthew Johnson, a small tech business owner retired and found his passion in journalism.

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