Börse Express – ROUNDUP/Aktien New York Conclusion: Very strong weekend with further gains

NEW YORK (dpa-AFX) – US stocks have upped the ante after the previous day’s fireworks. At the end of the week, investors continued to grab tech stocks in particular. Hopes for less tight monetary policy continued to support markets after surprisingly accommodating inflation data was released Thursday. The slight easing of krona restrictions in China, which are weighing on the global economy, also provided positive momentum on Friday.

The high-tech Nasdaq 100 increased by 1.82% to 11,817.01 points. For Thursday and Friday combined, that translates to an increase of 9.4 percent, the strongest two-day gain since 2008. The market-wide S&P 500 index
it rose 0.92% to 3992.93 points on Friday. The leading Dow Jones Industrial Index increased by 0.10% to 33,747.86 points. On a weekly basis, that means a 4.15% premium.

On Thursday, US stock markets recorded their strongest rise since the beginning of 2020. Especially technology stocks, which have come under selling pressure in recent months, were in high demand. They had recently resented the prospect of a continuation of very tight monetary policy, because high interest rates reduce the present value of the high profits expected in the future.

Friday’s new economic data again provided no arguments for excessively tight monetary policy. Consumer confidence dimmed significantly in November. The drop in consumer confidence noted by the University of Michigan was also stronger than expected. According to the university, the uncertainty is likely to continue due to the challenging environment. Consumer inflation expectations have risen only slightly.

Easing of China’s strict zero-Covid policy sent US-traded Chinese stocks ticking on Friday: shares in online travel agency Trip.com moved
by 4.9% and that of Internet retailer JD.com by 6.3%.

Oil prices also benefited significantly from the slight easing of corona rules in China. The amount of time travelers have to spend in quarantine has been slightly reduced. The move was interpreted in the markets as an indication that the People’s Republic might be willing to deviate a bit from its strict Corona line.

This has provided solid gains for oil stocks on Wall Street. That’s how Chevron’s stock soared and those of ExxonMobil about three percent each.

At the top of the Dow, the shares of Walgreens Boots Alliance benefited from a buy recommendation from Deutsche Bank and are up a good seven percent. Analyst George Hill now has greater confidence in the drug store and pharmacy chain’s ability to transform into a healthcare services company.

Snail shares are up 33 percent
. The game developer’s titles went public on Thursday. Snail announced that the company’s board of directors has approved a share repurchase program.

The euro it extended its recent gains and was last traded at $1.0357. The European Central Bank had set the key rate at 1.0308 (Thursday: 0.9954) dollars. The dollar therefore cost 0.9701 (1.0046) euros.

US government bonds declined. The futures contract for 10-year bonds (T-Note Future) fell 0.18% to 112.31 points. The cash market has been closed for holidays./la/he

— By Lutz Alexander, dpa-AFX —

 ISIN  US2605661048  US6311011026  US78378X1072

AXC0342 2022-11-11/22:45

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