Wall Street presented itself in a record mood

Wall Street presented itself in a record mood. The three most important indices climbed to record highs, the Dow closed above the 36,000 point mark for the first time. Apparently the two-day meeting of the US Federal Reserve lost its horror. Because it was considered certain that the Fed will announce a cutback in securities purchases on Wednesday and thus dare to start tightening monetary policy. The Dow Jones index climbed 0.4 percent to 36,053 points, the S&P 500 and Nasdaq Composite rose 0.4 percent and 0.3 percent, respectively. The 1,477 (Monday: 2,481) price winners on the Nyse were compared to 1,892 (866) losers. 128 (140) titles closed unchanged. "Virtually every measure that has been taken has been inherently inflationary and the market has taken it all very calmly. The market will disagree, but I think the biggest risk is that the Fed won't raise rates fast enough increases, "said investment strategist Tim Courtney of Exencial Wealth Advisors with a view to the Fed meeting. The consumption-dampening effects of high inflation are perhaps more dangerous for corporate earnings than monetary policy tightening to curb inflation, added a trader. The economic data agenda was empty, the more attention was paid to the accounting season. It was well received by investors that the pharmaceutical company Pfizer had raised its sales forecast. The share rose by 4.2 percent. In the wake of Pfizer, the titles of the German development partner Biontech advanced by 5.5 percent. The reaction to the business figures from Under Armor (+ 16.3%) was even more euphoric. The sporting goods manufacturer had also set more ambitious goals. Car rental company Avis Budget reported record profits and sales. Both indicators exceeded market expectations. However, this did not explain the price explosion of 108.3 percent, it was even temporarily 200 percent. The sharp rise in the share price was reminiscent of the so-called "meme stocks" that were hailed on social media - often without fundamental reasons. Observers also spoke of massive covering of short positions. The figures from the fertilizer manufacturers Mosaic (-9.2%) and Nutrien (-5.4%) contained more shadow than light. Mosaic increased sales strongly and returned to profitability, but missed the consensus estimates. Nutrien could not convince investors despite a renewed increase in the outlook. The stock had already done well in 2021. Arista and Rogers Bull Arista shot up 20.4 percent. The network manufacturer posted better than expected business figures and surprised with a lush share buyback and plans for a share split. Facebook (Meta Platforms) bowed to public pressure and plans to shut down its facial recognition system in the coming weeks. The rate was reduced by 0.6 percent. At Tesla (-3%), statements by CEO Elon Musk, according to which there is still no major order from Hertz, weighed down. The car rental company actually wanted to order 100,000 vehicles. Rogers rose nearly 30 percent, DuPont took over the company for 5.2 billion dollars. DuPont rose by 8.9 percent - also supported by convincing third quarter figures. Investors forgive the lowered outlook.