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Oil Companies are Drawing Attention to Shaky Wall Street

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The American stock markets started the new trading week alternately on Monday. In addition, the Dow Jones index rose again, while the S&P 500 and tech exchange Nasdaq lost.

 

There was a lot of attention for oil now that an essential pipeline to the US east coast is halted due to a hack.

The Colonial Pipelines company was hacked late last week and turned off several preventive systems. As a result, the oil distribution came to a standstill, and it is still unclear how long this will take. Colonial’s main pipeline carries typically 45 percent of the gasoline, diesel, and kerosene for the eastern United States. If the pipeline remains closed for a few more days, disruptions may occur.

Oil prices rose again. For example, a barrel of American oil became 0.8 percent more expensive at $ 65.39. Brent oil traded at $ 68.89 a barrel from the owner, an increase of 0.9 percent. Oil funds such as Marathon, ExxonMobil and Chevron rose to 2.7 percent.

Shortly after the opening bell on Wall Street, the Dow Jones index was 0.6 percent higher at 34,972 points. The broadly composed S&P 500 lost 0.1 percent to 4,228 points. The Nasdaq dropped 1.2 percent to 13,593 points.

Biotechnology company BioNTech also rose by almost 5 percent. That company increased its sales expectations as a result of the enormous demand for its corona vaccine. The German company, which is also listed in New York, also entered into a partnership with the Chinese Fosun Pharma. Until now, that company was only a distribution partner, but BioNTech and Fosun will now also produce vaccines in China.

Politicians asked American airlines to refund people for their booked trips that could not go through due to corona. That could mean a combined cost of $ 10 billion. Delta Air Lines, American Airlines and Southwest Airlines nevertheless made a thickness of up to 0.7 percent.

Meat processor Tyson Foods (minus 2.3 percent) did better than expected in the past quarter and increased its revenue forecast. The beef sector in particular recovered. Battery maker Energizer also exceeded market expectations. The stock nevertheless lost 2 percent.

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