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After the break, Wall Street saw premiums again

After the break, Wall Street saw premiums again. The Dow Jones index improved 0.7 percent to 35,730 points.

After the break, Wall Street saw premiums again
Yazar: Tom Roberts

Yayınlanma: 29 Ekim 2021 23:09

Güncellenme: 6 Kasım 2024 12:18

After the break, Wall Street saw premiums again

After the break in the middle of the week, Wall Street saw premiums again. The technology stocks were still sought after, following the latest strong quarterly figures from Microsoft, the Google parent company Alphabet and Advanced Micro Devices (AMD). The sector had already braced itself against the slight downward trend the day before. Even surprisingly weak growth data from the USA for the third quarter did not have a negative impact. The gross domestic product (GDP) only increased by 2.0 percent. Economists, however, had forecast 2.8 percent. In the second quarter, growth was significantly higher at a revised 6.7 percent. In contrast, the data on the weekly initial jobless claims are better than expected. The fact that the European Central Bank (ECB) confirmed the key interest rates and the interest rate and forward guidance as expected did not provide any impetus. The Dow Jones index improved 0.7 percent to 35,730 points. The S&P 500 climbed 1.0 percent. The Nasdaq composite closed with an increase of 1.4 percent. The 2,290 (Wednesday: 939) price winners were compared to 1,044 (2,379) losers. 110 (140) titles closed unchanged. The dollar came under pressure according to the GDP data. The dollar index fell 0.5 percent. "The disappointing GDP data will heighten concerns about the strength of the US economy," said Richard Flynn of Charles Schwab. Yields on the bond market made up some of the previous day's losses. With the Federal Reserve expected to scale back its monthly bond purchases before the end of the year, investors have turned their attention to when the Fed will begin raising interest rates. These expectations have been moved forward in the face of higher inflation. The yield on two-year stocks rose again over the course to a 52-week high. Oil prices continued to fall after being under pressure the day before. Participants pointed to profit-taking after the recent seven-year highs, the weak dollar, and the recent surge in US oil stocks. The looming resumption of nuclear talks with Iran also weighed on. If an agreement is reached, more Iranian oil could enter the market and depress prices. The gold price continued to recover and has now jumped above the $ 1,800 per troy ounce mark. Price was boosted by weak GDP data, which eased fears of a faster rise in US interest rates, said TIAA Bank's Chris Gaffney.
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