Shares of Amazon.com Inc. ( AMZN.O ) and Netflix Inc. ( NFLX.O ) fueled a second day of gains on Wall Street on Monday as trade talks between the United States and China resumed, helping reassure worries that have shaken the market in recent months.
The advance of the S & P 500 benchmark added to the 3.4 percent increase it posted on Friday when strong US employment data eased worries about the economy and comments from the head of the Federal Reserve reassured investors.
- Fears of a global slowdown have caused a sharp decline in markets in recent months and in analysts’ estimates for corporate growth. But after reaching a minimum in 20 months on Christmas Eve, the S & P has gained more than 9 percent.
- Jeff Bezos has also displaced Bill Gates, founder of Microsoft, as the richest man in the world, according to the Forbes List with a fortune estimated at 112,000 million dollars
- China has “good faith” to work with the United States to resolve trade frictions, the Chinese Foreign Ministry said, while US Commerce Secretary Wilbur Ross said he sees a “very good chance that let’s have a reasonable agreement. ”
“The main thing is the implicit advance of the government in the talks with China. That’s something the market considers very important, “said Rick Meckler, a partner at Cherry Lane Investments in New Vernon, New Jersey.
* Nine of the 11 major S & P sectors rose. The discretionary consumer index.SPLRCD gained the most, jumping 2.36 percent, led by a rebound of 3.44 percent on Amazon.
* That brought the market value of the most valuable company on Wall Street to 797,000 million dollars, eclipsing the market capitalization of Microsoft Corp (MSFT.O), which reached 784 billion dollars after strengthening of 0.13 percent of their papers.
* Netflix online video streaming service was the second largest contributor to the S & P 500 rally on Monday with a 5.97 percent rise.
* The Dow Jones Industrial Average.DJI advanced 98.32 points, or 0.42 percent, to 23,531.35 units, and the S & P 500 index.SPX gained 17.76 points, or 0.70 percent, to 2,549.69 units.
* Meanwhile, the Nasdaq Composite.IXIC index rose 84.61 points, or 1.26 percent, to 6,823.47 units.
Amazon has become the largest company by market capitalization reaching the end of the session on Monday 797,000 million euros, super and in this way Microsoft whose capitalization reached 784,000 million.
Amazon was founded by Jeff Bezos, a former executive of a hedge fund, in 1994 in Seattle as a website to sell books online. Soon the company went on to sell CDs and other articles, passing over the years to gadgets, music and other products, becoming the main e-commerce giant and the owner of the largest cloud computing business. The success of Bezos has also made him the richest person in the world, according to the Forbes List, with a fortune estimated at approximately 112,000 million dollars, dethroning Microsoft founder Bill Gates.
Previously, Microsoft had taken the throne as the company with the highest stock market value on Apple’s Wall Street at the end of November, a little more than three months after the firm’s signing of the apple will reach the trillion dollars in terms of capitalization. A level reached, for the first time, by an American company in more than a decade.