New York Wall Street closed inconsistently after new records on Wednesday. The Dow Jones of the standard values last listed 0.2 percent higher to 31,437 points. The technology-heavy Nasdaq, however, lost 0.3 percent to 13,972 points. The broad S&P 500 went out of trading with little change to 3909 points.
The market has grown quite quickly, said Rick Meckler, partner at asset manager Cherry Lane. Profit-taking is not unusual. The basic mood remains good, said investment strategist Michael Hewson from brokerage firm CMC Markets. The confidence that the planned additional trillion-dollar corona aid will be passed and the company’s surprisingly strong balance sheets fueled economic optimism.
This was reflected in the raw material prices. The important industrial metal copper temporarily advanced by a good two percent to an eight-year high of $ 8,327.50 per ton. The price of US WTI oil rose up to 0.9 percent to a 13-month high of $ 58.91 a barrel (159 liters) and was heading for the eighth consecutive day gain.
It’s the longest streak in two years. The current rally is based solely on production cuts, said Bjornar Tonhaugen, head of the oil business at brokerage house Rystad. “Demand has not yet recovered.”
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At the same time, gold rose 0.3 percent to $ 1,842 per troy ounce (31.1 grams). Speculations on rising inflation, especially due to the US economic stimulus package, drove investors to buy the precious metal, said analyst Peter Ready from the analysis house Quantitative Commodity Research.
Platinum gained 6.4 percent at its peak and was as expensive as it was six years ago at $ 1,250. The precious metal used in catalytic converters, among other things, is benefiting from the prospect of increasing demand, added Fertig.
The speech by US Federal Reserve Chairman Jerome Powell hardly played a role in the market. In view of the job misery, this has called for a national effort to overcome the crisis. For a return to full employment more than a “supportive monetary policy” is required, he said in an online presence at the Economic Club of New York. “It needs social commitment, with the government and the private sector contributing.” The government of President Joe Biden wants to cushion the consequences of the corona pandemic with a 1.9 trillion dollar aid package and boost the economy.
Individual values in focus
Twitter: One of the favorites on the US stock market was Twitter. The stocks rose more than 13 percent to a seven-year high of $ 69.25, despite the fact that the short message service warned of weaker customer growth. But because the quarterly result is above market expectations and increasing advertising sales are to be expected, investors ignore it, said stock exchange traders.
Separately, Twitter announced the purchase of Bitcoin based on the model of the electric car manufacturer Tesla ponder. A decision has not yet been made, said Twitter CFO Ned Segal in a TV interview. The oldest and most important cyber currency fell almost five percent to $ 45,123, but remained within striking distance of its most recent record high of $ 48,214.99.
Cannabis values: The owners of cannabis stocks were on cloud nine. The stocks of providers like Tilray, Aphria or Cronos posted price gains of up to 60 percent. A listed fund (ETF) for the industry posted the highest price jump in its history with an increase of almost 20 percent.
According to the analysis firm Swaggystocks, Tilray is the company that is most talked about in the “Wall Street Bets” investor forum on the Internet platform Reddit, which played a central role in the volatility of the US video game retailer Gamestop.
Coke: Coke had exceeded expectations on an adjusted basis with its earnings per share. For the papers of the effervescent company contained in the Dow, it was still 0.2 percent down.
Under Armour: At Under Armour the investors reacted happily to the interim report, here the papers advanced by 7.0 percent. At General Motors on the other hand, the numbers were not well received, as a minus of 2.1 percent showed. However, the automaker’s shares had recently reached their highest level since their return to the stock market in 2010.
Cisco: The network specialist took care of the tech sector Cisco for conversation piece. Despite solid numbers, it was down 2.6 percent. That put stocks at the bottom of the Dow. According to experts, the results and outlook fell largely as expected.
Lift: The travel service broker Lyft lifted the mood of its investors with a cost development praised by analysts, which enabled quarterly figures to exceed expectations. The shares rose by 4.8 percent. That of the competitor Uber followed with a plus of 6.0 percent. The euro held its own, last costing $ 1.2118.
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