NEW YORK (dpa-AFX) – In the course of the speech by the US Federal Reserve Chairman Jerome Powell on Wall Street on Friday, there was again a little optimism. After its weakness the day before, the Dow Jones Industrial built its initially moderate gains and recently rose by 0.62 percent to 35 431.58 points. The New York benchmark index is heading for a weekly plus of 0.9 percent.
The other New York indices also rose, setting new records: the market-wide S&P 500 gained 0.65 percent to 4498.87 points and for the technology-heavy Nasdaq 100
it went up by 0.67 percent to 15,380.85 counters. In the Dow, however, just under 200 points were missing from a record that is now almost two weeks old.
Powell’s speech had been a central topic in the financial markets for days. The US Federal Reserve Chairman was again cautious about monetary policy headwinds. Although he emphasized ongoing progress on the labor market, he continued to describe the current high inflation as only temporary. In his statements, stockbrokers read the message that a repayment of the billion-dollar bond purchases is not yet imminent. In this respect, there were no negative surprises for equity investors.
Corporate news once again contained light and shade for investors. Most notably, Workday shares, which are up by ten percent were in high demand after the software company surprised positively in the second quarter. Brad Sills of Bank of America also said the outlook for the order situation was encouraging.
Gap shares also made gains , after six percent in early trading, they crumbled to only 2.4 percent in the end. The fashion chain was able to recover somewhat from its recent price losses thanks to surprisingly good quarterly figures and increased annual targets.
On the downside, there were mainly the shares in Peloton with a price slide of eight percent. The fitness equipment specialist, who was considered a lockdown winner during the pandemic, reported a halving of growth for the past quarter and also unsettled investors with an unspecified accounting problem.
In the computer hardware area, HP Inc and Dell according to the figures by 3.5 percent and five percent down. HP’s sales fell short of expectations due to the shortage of chips. The Dell figures were actually commented positively by analysts, but the market referred to profit-taking after the recent good run in the papers.
The shares of Doordash lost 1.4 percent after it became known that the US metropolis New York is not easing regulation of the food delivery industry. For example, restaurants will be allowed to charge a maximum of 15 percent of the order value of a food delivery as a fee. The law has yet to be signed by New York City Mayor Bill de Blasio./tih/he
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