Wall Street have fluctuated below the record levels
On Wall Street, share prices have fluctuated below the record levels set at the beginning of the week. Profit-taking pushed the Dow Jones index on Tuesday by 0.3 percent to 33,430 points. The broad S&P 500 index closed with minus 0.1 percent (4073 points). The technology-heavy Nasdaq index made up for initial losses in the course of trading and settled at the previous day’s level (13,698 points).
According to analysts, the infrastructure package from US President Joe Biden and the upcoming corporate figures in the coming weeks could cause prices to rise again. Economic data fueled investors’ optimism about the economy. The number of vacancies in the US rose surprisingly sharply in February, according to figures presented on Tuesday.
Strong labor market figures on Good Friday drove the S&P 500 and the Dow Jones to record highs at the beginning of the week. “The economic picture has improved a lot in the past three months,” said Oliver Pursche of financial advisor Bronson Meadows Capital Management. “There is a general feeling that things are getting better around the world and that things are getting better quickly.”
The International Monetary Fund also believes the global economy will recover strongly. The IMF significantly increased the corresponding estimates for 2021 and 2022. The main drivers are China and the USA. “We believe investors shouldn’t be afraid of entering the market at all-time highs,” commented Mark Haefele, chief investment officer at UBS Global Wealth Management. The US employment figures released on Friday showed that the economic recovery was picking up momentum. After the surprisingly strong US labor market report, US service activities also rose to a record high in March. China‘s services also gained momentum.
In terms of individual values, Norwegian Cruise Line scored points with the announcement that, after a one-year pandemic interruption, it would again be offering trips outside the USA to the Caribbean and the Greek islands from July. The shares increased by around four percent. Snap shares also shot up just under five percent. The Snapchat operator benefited from the fact that Atlantic Equities upgraded the shares to “overweight” from previously “neutral”. An upwardly screwed sales target also caused the shares of the gene sequencing company Illumina to rise by eight percent.