On Monday US stocks were up. There were losses in health care, but the gains in field of technology compensated the loss.
The technology giants Facebook, Microsoft, Apple and Nvidia boosted up the stock index.
The healthcare index went down by Johnson & Johnson and Medtronic. It went down by 0.08%.
President Donald Trump tried to introduce Obamacare again but faced difficulties in it. The Republicans were divided on how to control the costs of their planned healthcare bill.
Read also: KSE-100 lost 165.91 points on Thursday
Art Hogan, chief market strategist at Wunderlich Securities in New York said that time would tell what the Plan B is, the only apparent point is that health care sector is under huge pressure. The situation of US stock market was so unpredictable that investors were cautious of making big bets before the start of the earning season.
For the banking sector the victory was significant. The Fed permitted 34 biggest US banks to use extra money for stock buybacks, dividends and other essential tasks.
Three chief indexes in market are:
- Trading close to record levels
- Enhanced by strong economic data
- Vigorous corporate performance in the first quarter of the year
On Friday the market closed better than expected, which increased faith of investors on US economy.
In comparison to Japanese yen, the dollar went up to a two month high.
Looking at the statistics on Monday, Dow Jones Industrial Average went up by 23.12 points or 0.11% and came up to 21,437.46. Similarly S&P 500 came at 2,430.09 as it went up by 4.91 points, or 0.20%. Nasdaq Composite went up at 6,176.91 by gaining 23.83 points, or 0.39%. ClubCorp shares went up by 30% at $17.08. In the technology sector Amazon.com Inc rose by 2% to $998.46 ahead of its famous Prime Day shopping festival.
On the flip side…
In the health sector United Health lost points by 0.33% and went to $187.34. This was because President Trump’s effort to replace Obamacare continued to face problems.
Also Abercrombie & Fitch shares went down by 21.3% to $9.56.
Overall the stocks that rose higher outnumbered the decliners by 1,611 to 1,213.