Börse Express – New York Equities: Dow interrupts the recovery again

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NEW YORK (dpa-AFX) – The strong recovery in Wall Street prices on Wednesday faded again the next day. On Thursday, solid economic data again fueled fears that key interest rates may rise further in the fight against high inflation. The number of initial weekly applications for unemployment benefits has dropped surprisingly and significantly over the past week. The most important stock market barometers of the US stock market fell again.

The leading Dow Jones Industrial Index fell 2.23 percent to 29,020.76 points. For the S&P 500 at the market level
fell 2.82 percent to 3614.07 points.

The Nasdaq 100 Technology Index fell 3.80 percent to 11,056.53 points. The technology sector contains many highly regarded stocks; The industry reacts correspondingly sensitively to rising interest rates, because future high corporate profits are therefore worth less at the present time.

Wall Street is up on Wednesday after six consecutive days of losses. Equities picked up momentum after the British monetary authorities, the Bank of England, unexpectedly stepped in against the sharp rise in interest rates on domestic bond markets.

Conversely, several US central bankers have recently spoken out and reported further interest rate hikes. The US Federal Reserve must raise rates further to fight inflation, Loretta Mester, president of the Cleveland Regional Reserve Bank, said Thursday. Interest rates are not yet at a level that is holding back economic development. You have to get there and keep interest rates high for a while. The Fed has raised interest rates by a total of three percentage points this year.

Among the Dow’s biggest losers were the shares of iPhone maker Apple five and a half percent, returning to the level of early July. A skeptical Bank of America study turned out to be a burden. Newspapers would have served as a kind of safe haven in the current difficult environment, but in the meantime, opportunities and risks are more or less balanced again, analyst Wamsi Mohan wrote. The expert referred to the weakening in the area of ​​content and services as well as the rather low demand for the iPhone, which indicated a drop in consumption.

Almost all other Dow stocks recorded losses. The share certificates of the insurer Travelers have reached the top of the Dow
an increase of nearly one percent. Investors were relieved that Hurricane Ian had weakened as it made its way through Florida. Meteorologists have downgraded the hurricane to a tropical storm.

Documents The Bed Bath & Beyond it fell by about nine percent. The struggling retail chain had announced unexpectedly weak economic data for the last quarter./la/lui

 ISIN  US2605661048  US6311011026  US78378X1072

AXC0356 2022-09-29 / 20: 17

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