Corona worries currently seem to have blown away on the US stock market. On Friday, the indices continued to improve after an extremely positive surprise on the US labor market. “Even the race to catch up after the Corona crash is beyond imagination. The stock market and economic reality currently seem to be drifting as far apart as they have not for a long time,” commented the chart technology experts from Index Radar.
The tech-heavy Nasdaq 100 climbed again to a record high and closed with a plus of 2.02 percent to 9824.39 points. For the market-wide S&P 500
it went up 2.62 percent to 3,193.93 counters. The leading index Dow Jones Industrial was even stronger , which rose by 3.15 percent to 27,110.98 points. On a weekly basis, this is the best record for the Dow in just under two months, with growth of almost seven percent.
Despite the corona crisis and contrary to market expectations, unemployment in the world’s largest economy fell in May. In addition, the companies built up employment again after cutting massive jobs in the previous month.
The shares of US aviation giants Boeing und American
Airlines also increased significantly at the end of the week with more than eleven percent each. They continued to benefit from the gradual return of the economy and public life to normal. Investors are now switching from the previous crisis winners and so-called “stay-at-home stocks” to stocks that should develop better in times of normalization, said analyst David Madden of CMC Markets UK.
A media report about a takeover interest in Grubhub
let the shares of the US food supplier rise a little more than five percent. In the meantime, at a peak of $ 64.19, they had come close to their interim high on May 12th. At that time, Uber had an alleged interest in the car service operator the titles already fired. According to the US television broadcaster CNBC, Delivery Hero is now interested und Just Eat Takeaway.com
for Grubhub.
There were quarterly figures from the chip manufacturer Broadcom and from the provider of the office communication platform Slack . The latter disappointed with sales and outlook, which is why the slack papers sagged by more than 14 percent. The Apple
-Broadcom, however, delivered on the earnings side what analysts had expected. Traders also referred to the stable dividend. The shares reduced their high gain at the end of the day, however, to only a little more than two and a half percent.
The recent euro rally missed the positive surprise on the US labor market a damper. The common currency fell back below $ 1.13. After the US market closed, it was priced at $ 1.1282. The European Central Bank (ECB) had set the reference rate at 1.1330 (Thursday: 1.1250) US dollars, the dollar cost 0.8826 (0.8889) euros.
On the US bond market, trend-setting ten-year government bonds lost 17/32 points to 97 18/32 points. They yielded 0.882 percent./ajx/he
— By Achim Jüngling, dpa-AFX —
ISIN US2605661048 US6311011026 US78378X1072
AXC0350 2020-06-05/22:25
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