Börse Express – New York Equities: Dow rises to its highest level since mid-September

NEW YORK (dpa-AFX) – US stocks continued to rise at the start of the new week. The Dow Jones Industrial rose on Monday 1.12 per cent to 31,430.07 points and therefore the highest level since mid-September. She continued the significant gains on Friday. The Dow has now recovered nearly 10% from the year’s low in the middle of this month. Weak US corporate sentiment data in October did not weigh on investor sentiment.

The S&P 500 at the market level gained 0.85 percent to 3784.72 points. The Nasdaq 100 is dominated by tech stocks
after the initial losses, it recently increased by 0.4% to 11,360.49 points.

“Despite rising interest rates, equity markets have recently been able to recover from the lows of the year,” wrote investment bank Berenberg. First, the quarterly reporting season got off to a better start than the pessimists expected. Secondly, the mood on the markets is already “extremely negative”. And finally, the corporate share buyback phase will soon begin.

The shares of the American electric car manufacturer Tesla it fell 3.5% after China cut prices by about 5%, according to a Bloomberg report. This would partially reverse previous price increases, he said. Tesla is struggling with growing competition from domestic manufacturers like BYD in China.

Meta, which owns the Facebook and Instagram networks, lost one percent. The investment bank Bank of America had downgraded the stock to “neutral”.

AT&T newspapers on the other hand, it gained 2% after a purchase recommendation from investment house Raymond James. The prospects for the telecom group are better than those of rival Verizon analysts argued.

Shares of Chinese Internet companies listed in the United States suffered sharp drops in price. Shares from Netease, Pinduoduo, Baidu and JD.com fell by 12-26%. All four stocks are included in the Nasdaq 100. Unum Capital analyst Lester Davids expressed concern that the country’s large internet companies are threatened by more regulation given the growing power of Chinese leader Xi Jinping. The prices of technology companies and the Internet had already plummeted on Chinese exchanges./bek/he

 ISIN  US2605661048  US6311011026  US78378X1072

AXC0242 2022-10-24 / 20: 07

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