New York (AFP)

The New York Stock Exchange ended in scattered order on Monday, in a market that rotated sector from large tech stocks to sectors more dependent on the recovery of the US economy.

The flagship index of New York, the Dow Jones Industrial Average, gained 0.97% to 31,802.44 points.

The Nasdaq, on the other hand, fell 2.41% to 12,609.16 points.

Wall Street's tech-heavy index entered the market correction zone at the close, meaning it was down more than 10% from its last record.

The extended S&P 500 index, for its part, dropped 0.54% to 3,821.35 points.

"This is very clearly a rotation, because we see raw materials, industrial stocks, energy doing well while tech and communication services are hit the hardest", explains Art Hogan of National Securities.

These diverse fortunes can be explained in large part by hopes for a restart of the American economy, which would benefit the sectors most affected by the pandemic at the expense of the tech giants, who have benefited greatly from the economics of containment.

Market players have all the more reason to anticipate a recovery as Joe Biden's $ 1.9 trillion stimulus package, validated last weekend by the Senate, is expected to be adopted by the House of Representatives on Tuesday before its promulgation by the American president.

The progress of the vaccination campaign in the United States also suggests strong growth in 2021.

But these forecasts also reinforce fears of an overheating economy and inflation that is difficult to control.

This has led since the start of the year to a large sell-off of US Treasuries and, consequently, to an increase in their yield.

The 10-year bond rate stood at around 1.60% Monday afternoon.

Among the values ​​of the day, GameStop, a value much appreciated by stock marketers, has soared by more than 41%.

The video game chain, which sparked speculative fever on Wall Street at the end of January, announced that activist shareholder Ryan Cohen would head a committee within the board of directors tasked with accelerating digital transformation of the company.

General Electric rose 4.2%.

According to the Wall Street Journal, the American conglomerate is on the verge of selling its aircraft rental business to Irish AerCap Holdings (+ 13.3%), one of the biggest names in the sector, for more than 30 billions of dollars.

Disney took 6.3%, taking advantage of the reopening in reduced capacity of its amusement parks in California from April 1, almost a year after their closure caused by the pandemic.

The American investment company Apollo Global Management fell 4.2% after the announcement of the acquisition of the Athene group (+ 6%), specializing in retirement savings, in a transaction valuing Athene at 11 billion dollars.

In another file, a close source told AFP, following press reports, that Apollo was negotiating the buyout of the most profitable assets of the British group in the midst of the rout Greensill, specializing in short-term financing. for companies.

© 2021 AFP