Share prices in New York recovered strongly

After the disappointing start to the week, share prices in New York recovered strongly. The leading index Dow Jones Industrial rose 1.62 percent to 34,511.99 points, making up for a large part of Monday's losses. The rapid spread of the delta variant of the corona virus had triggered concerns among investors about the further economic development the day before. The Dow was down more than two percent. For the market-wide S&P 500 it was up 1.52 percent to 4323.06 points. The technology-heavy Nasdaq 100 advanced 1.23 percent to 14,728.21 points. Stagflation or the fear of it dampen the buying mood, however, said Neil Wilson, chief analyst of the online broker Markets.com. Experts use this term to describe a stagnating economy with rising inflation at the same time. "The growth momentum is already slacking off and the outlook is darkening because of the rising number of coronavirus cases," added Wilson. "At the same time, prices are rising sharply." After all, central banks could not resolve supply bottlenecks. Investors, however, are betting that the US Federal Reserve will continue to buy bonds on a large scale for the foreseeable future. This pushed the yield on ten-year bonds to a low of 1.22 percent. Because of the rampant delta variant of the corona virus, the world's leading currency was also in demand as a "safe haven". The dollar index, which reflects the exchange rate against major currencies, rose by up to 0.1 percent to a three-and-a-half-month high of 92.92 points. In this context, Immunome came into the spotlight. An antibody cocktail from the pharmaceutical company showed encouraging results in the first tests in the treatment of the Delta variant. The share jumped more than 9 percent. Meanwhile, the sell-off in cryptocurrencies continued. Bitcoin fell 3.2 percent to $ 29,839 and fell below the psychologically important 30,000 mark for the first time in around a month. Ethereum lost 1.1 percent to $ 1,794. "There could now be a longer phase of consolidation before the next rally occurs," predicted market analyst Milan Cutkovic from brokerage firm Axi. "In the meantime, investors must accept that more regulation of this market is inevitable." The shares of IBM rose against it by 1.5 percent. Thanks to a strong cloud business, the IT group had posted quarterly sales above market expectations. Investors would welcome this, commented the analysts at Berenberg Bank. However, IBM must also prove that the strategy will eventually bear fruit in the form of profits. Halliburton titles were also in demand, and were 3.5 percent more expensive. The oil industry service provider increased its profit in a surprisingly strong quarter-on-quarter by a third to $ 227 million. The company owes this to its increased profitability, praised analyst Waqar Syed from the investment bank ATB. Sales were in line with expectations.