Mon, 17 May 2021

NEW YORK, New York - U.S. technology stocks took off on Monday. The broader industrials markets however lagged.

"Investors are anticipating either good results from tech or certainly much-improved guidance, with the pandemic fears being reduced," Rick Meckler, partner, Cherry Lane Investments, New Jersey told Reuters Thomson Monday, as quoted by The Economic Times.

"Two big concerns for the market right now is the tech earnings picture... and inflation as there are a lot of stories about price rise on the horizon."

The Nasdaq Composite shone Monday, rising 121.97 points or 0.87 percent to 14,138.78.

The Dow Jones industrials slumped, losing 61.92 points or 0.18 percent to 3,398.57.

The Standard and Poor's 500 made a modest gain, adding 7.45 points or 0.18 percent to 4,187.62.

The currency markets were mixed. The euro was unchanged at 1.2092 by the New York close Monday. The British pound was a tad firmer at 1.3905. The Japanese yen weakened to 108.12. The Swiss franc rose to 0.9140.

The commodity currencies were solidly higher, with the Canadian dollar rising to 1.2400, the Australian dollar to 0.7803, and the New Zealand dollar to 0.7238.

On overseas markets, in London, the FTSE 100 added 0.35 percent. The wider FTSE 250 gained 0.92 percent. The German Dax rose 0.11 percent, while in Paris, France the CAC 40 climbed 0.28 percent. The broader Pan European Euro Stoxx 50 was up 0.19 percent.

On Asian markets, China's Shanghai Composite index shed 33.00 points or 0.95 percent, to close Monday at 3,441.17.

In Hong Kong, the Hang Seng lost 125.92 points or 0.43 percent to 28,952.83.

Australia's All Ordinaries fell 12.90 points or 0.18 percent to close at 7,307.80.

Going against the trend, the Nikkei 225 in Tokyo added 105.60 points or 0.36 percent to finish at 29, 126.93.

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