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Investors on New York’s Wall Street only cautiously ventured out of cover on Thursday given concerns over a second wave of corona. Economic sentiment supported the mood better than feared.
In the United States, the spread of the virus has accelerated at an alarming rate. The number of new infections had recently risen to the high level of April. Some US states are now introducing lockdown measures again: In addition to New York, New Jersey and Connecticut, for example, imposed a two-week quarantine for travelers from states with a higher infection rate. The International Monetary Fund (IMF) also fears that the expected recession will be much worse than previously thought.
With a view to the US economy, orders for durable goods in May surprisingly recovered significantly from their slump in the previous month. Weekly initial jobless claims remained high, up to and including June 20, at 1.48 million people, even though there were around 60,000 fewer first-time applications than in the previous week.
However, favorites in the Dow were banks, which recovered somewhat from their losses in the previous days. The US authorities also eased the “Volcker Rule” decided in the wake of the financial crisis. Banks should now “gamble” more intensely. The change decided on Thursday relativises, among other things, a ban on money houses from investing in private equity or hedge funds.
Editorial office finanzen.net / Dow Jones Newswires / dpa (AFX)
Image sources: Frontpage / Shutterstock.com, Patrick Poend / Shutterstock.com
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