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The Nasdaq climbed to a record-high close on Wednesday, fueled by a rally in Tesla Inc, while the S&P 500 dipped, even as investors cheered data that showed a record peak for U.S. factory activity in June. Gains in Nvidia Corp and Facebook Inc extended a recent rebound in top-shelf growth stocks that fell out of favor in recent months as investors focused on companies expected to do well as the economy recovers from the pandemic. The Dow Jones Industrial Average fell 0.21% to end at 33,874.24 points, while the S&P 500 lost 0.11% to 4,241.84. The Nasdaq Composite climbed 0.13% to 14,271.73.
European stocks remained below record highs as inflation worries overshadowed data showing a rise in June business activity, while shares in French luxury goods makers tumbled on the back of a ratings downgrade from HSBC. The pan-European STOXX 600 was down 0.7%, with France’s Kering and Hermes falling 3.0% and 1.5%, respectively, as HSBC said the market for luxury goods “might take a break as it really could be as good as it gets”. The broader retail index tumbled 1.3%.
Maltese markets meanwhile moved lower, with the MSE Equity Total Return Index closing down 0.87 percent to 7,943.797 points. Only 3 equities traded with one recording no change in price. International Hotel Investments Plc posted the largest loss with shares down 7.69 percent at €0.60 followed by HSBC Bank Malta Plc, losing 1.25 percent to €0.79. The MSE Malta Government Stocks Total Return Index gained 0.19 percent to 1,113.801 points while the MSE Corporate Bonds Total Return Index added 0.14 percent to 1,118.507 points.
Source: Reuters, Malta Stock Exchange
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