Börse Express – New York shares: Continued recovery with momentum

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NEW YORK (dpa-AFX) – On Friday, the US stock market continued the recovery that started late the previous day with a lot of momentum. Market observers currently think it is conceivable that the US Federal Reserve could take its foot off the gas a bit on its rapid rate hike course if the economy slides into recession and inflation cools down a bit.

Der Dow Jones Industrial rose 2.16 percent to 31,338.53 points with two hours to go. At 31,370 points, it had reached a high for two weeks. At the end of May there was a weekly plus for the last time, but now the leading US index is heading for an almost five percent weekly gain. The market-wide S&P 500
increased by 2.39 percent to 3886.38 points on Friday.

The tech-heavy Nasdaq 100 also recovered significantly on Friday by 2.38 percent to 11,976.31 points, at times it had returned above the 12,000 mark. It’s also at its highest level in two weeks and is up as much as 6.3 percent so far this week.

Current economic data was considered to be conducive to the recovery on the US stock exchanges. US consumer sentiment fell to a record low in June. On the market, however, it was said that their inflation expectations had come back from the last reported 14-year high. This could alleviate some of the pressure on monetary authorities at the moment. According to a market observer, investors are gradually starting to price out further rate hikes after December.

On the company side, the logistics company Fedex took care of it for conversation with a surprisingly good business outlook. Shares jumped 6.7 percent to their highest level since February. Even if supply chain problems and higher costs have been troubling the industry recently, the group generated significantly more sales in the most recent quarter. Operating profit also increased.

In general, some sectors that had been hit hard in June because of economic concerns were able to recover strongly. This drove investors back into Dow papers such as those of the software company Salesforce or the aircraft manufacturer Boeing
with increases of six and five percent respectively.

However, the leading US industry rating was the banking sector, with increases of between 5.2 and 7.4 percent for Morgan Stanley, the best in the industry Goldman Sachs and Wells Fargo
. It helped here that the largest financial institutions in the USA, according to the Fed, have crisis-proof capital resources. All 34 major banks passed the financial regulators’ annual stress test.

Travel values ​​also rallied, including airlines and cruise lines. Airlines United papers Southwest American
and Delta attracted between 4.6 and 6.3 percent, those of the cruise line Carnival
as well as Royal Caribbean even by up to 14 percent. Associated with the industry, it went for the title of the accommodation broker Airbnb up 7.5 percent.

Otherwise, the Zendesk share caused a price jump of 28 percent cause a stir. According to circles, the company could be about to be taken over by a group of financial investors led by Hellman & Friedman and Permira

 ISIN  US2605661048  US6311011026  US78378X1072

AXC0306 2022-06-24/20:14

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