Düsseldorf Driven by renewed price gains in technology stocks, the US stock exchanges closed in positive territory on Wednesday. Even disappointing US labor market data could not spoil investors’ moods. The Dow Jones’ standard values closed 1.6 percent higher to 29,100 points. The technology-heavy Nasdaq advanced around one percent to 12,056 points. The broad S&P 500 gained 1.5 percent to 3580 points.
“Investors continue to focus on the positive and ignore the negative,” said Chris Beauchamp, chief market analyst at brokerage firm IG. “This optimism is strange because the pandemic has not yet been overcome.”
Incoming orders in the US industry grew surprisingly strongly by 6.4 percent in July. The private employment agency ADP according to the increase in jobs in August, however, with 428,000 jobs, less than half as high as hoped. In addition, the numbers are better than in the previous month, said Mike Loewengart, chief investment strategist of the brokerage house E-Trade. In addition, the US Federal Reserve signaled its readiness for further economic aid. The ADP numbers give a taste of the official data on Friday.
Investors also drew courage from the one and a half year high in the mood barometer of purchasing managers in the US industry. Against this background, the dollar index, which reflects the exchange rate against important currencies, also rose for the second day in a row and gained 0.4 percent to 92.722 points. Because of the prospect of a further easing of US monetary policy, this is only an interim high, said analyst Ricardo Evangelista of the brokerage firm ActivTrades.
Look at other asset classes
The expectation of a strong economic upturn, however, reduced the attractiveness of the “anti-crisis currency” gold, which fell by almost two percent to $ 1935.20 per troy ounce (31.1 grams). Due to the ongoing flood of money from the central banks and the high demand for gold coins, recapturing the 2000 mark would only be a matter of time, he predicted Commerzbank-Analyst Eugen Weinberg.
The oil price also went down. The US variety WTI fell in price by almost three percent to 41.58 dollars per barrel (159 liters). US crude oil stocks fell surprisingly sharply, but demand for gasoline also fell at the same time. However, he thinks the current price slide is excessive, said analyst Phil Flynn from the brokerage house Price Futures.
Look at the individual values
NVidia: The tech group was one of the favorites for stocks. The company’s shares rose by almost four percent after the introduction of a new generation of graphics chips. Since their prices are at or even below the level of the previous products, a large number of the more than 200 million video game enthusiasts worldwide will surely renew their graphics cards, the analysts at JPMorgan predicted.
Macy’s: Also in demand were the titles of the retail group, which rose by 0.57 percent. The department store chain’s quarterly loss was less than feared thanks to a booming online business of $ 431 million.
Tesla: Profit-taking weighed on the share of the electric car pioneer, the price fell by almost 6 percent to $ 447.37. This is the biggest slide since the March stock market crash. This means that the stocks are still more than five times as high as they were at the beginning of the year.
United Airlines: The US airline is preparing to cut 16,370 jobs. Among other things, 6920 flight attendants, 2850 pilots, around 2000 mechanics and 1400 positions in management and administration are affected, the company said. On October 1, government aid totaling $ 25 billion for the aviation industry hit by the coronavirus pandemic runs out. Before the pandemic broke out in March, United had over 90,000 employees. United Airlines shares rose 2.4 percent.
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