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Wall Street recovered for the second day in a row

Wall Street recovered for the second day in a row. The mood for stocks remains good because investors are missing alternatives.

Wall Street recovered for the second day in a row
Yazar: Tom Roberts

Yayınlanma: 23 Temmuz 2021 18:47

Güncellenme: 19 Kasım 2024 17:09

Wall Street recovered for the second day in a row

After the decline at the beginning of the week, Wall Street recovered for the second day in a row. Concerns about the corona pandemic continued to smolder in the background. "Although it is very difficult to predict the course of the pandemic, we currently do not believe that the spread of the Delta variant will pose a major threat to economic recovery - at least not in the developed world," said economist Bethany Beckett of Capital Economics the more positive mood on the stock market. The Dow Jones Index rose 0.8 percent to 34,798 points, the S&P 500 and Nasdaq Composite rose 0.8 and 0.9 percent, respectively. The reporting season that has just started set the pace: So far, 85 percent of the companies in the S&P 500 that presented their business figures have exceeded market expectations. The mood for stocks remains good because investors are missing alternatives, it said. With the oil price rally, the sector index led the industry indices with plus 3.5 percent, Chevron and Exxon Mobil gained 3.4 and 3.2 percent respectively. Coca-Cola gained 2.3 percent after the beverage giant raised its sales forecast. Johnson & Johnson had also beaten earnings forecasts and raised targets, pulling stocks up 0.6 percent. A costly industry comparison for pain pills slowed the stock somewhat. Verizon Comunications had also presented convincing business figures, the share climbed 0.7 percent. Harley-Davidson beat expectations in terms of both sales growth and profit. However, supply chain problems for the sector persisted. The share fell over 7 percent. Netflix delivered business figures with light and shadow. Investors focused primarily on declining new user growth, with the stock falling 3.3 percent. Chipotle Mexican Grill (+ 11.5%) increased sales and profits sharply in the second quarter and clearly exceeded expectations. The SAP subsidiary Qualtrics (+ 2.5%) performed better than expected in the second quarter and reached profitability on an adjusted basis. The surgical outfitter Intuitive Surgical (-1.1%) convinced with a strong jump in profits, but the special economic situation should soon subside after the end of the negative corona effects. Moderna were traded for the first time in the S & P-500, the price gained 4.5 percent. The dollar suffered like the bond market from the increased willingness to take risks, the dollar index lost 0.2 percent. The lower risk aversion was also felt by the gold price - significantly higher market interest rates also depressed the price of the precious metal. The settlement price was the lowest in almost two weeks.
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