New York equities: gains – hope for an agreement in the dispute over stimulus package | 10/22/20

NEW YORK (awp international) – The mood on Wall Street brightened a little on Thursday after a subdued start. Statements by the Speaker of the House of Representatives, Democrat Nancy Pelosi, according to which an agreement had almost been reached in the negotiations on the Corona aid package for the economy provided reassurance.

The Dow Jones Industrial was most recently 0.55 percent up at 28,367.17 points. For the market-wide S&P 500 it went up 0.51 percent to 3453.24 points. The technology-heavy Nasdaq 100, on the other hand, barely moved with a plus of 0.03 percent to 11,668.45 points.

Otherwise, the upcoming presidential election and new corona infections remain in focus. Shortly before election day at the beginning of November, the number of new weekly applications for unemployment benefits in the USA fell due to the ongoing Corona crisis, but it remains at a high level.

Among the individual stocks in the Dow, the shares of Coca-Cola rose after the presentation of quarterly figures by 1.2 percent. After the Corona slump, the situation eased again somewhat in the third quarter and the beverage manufacturer exceeded the average analyst forecasts in terms of both sales and profits.

For the shares of the chemical company Dow, however, it went down by 0.7 percent after initial gains. The company remained just in the red in the third quarter due to its expensive downsizing and depreciation. The adjusted earnings per share, however, surprised positively.

On the Nasdaq, the focus was on Tesla shares. The papers of the electric car manufacturer rose by 2.3 percent, because for the fifth time in a row a quarterly profit was reported. The ambitious annual target of delivering half a million vehicles was also confirmed.

At the top of the Nasdaq 100, Align Technology papers went through the roof by around 33 percent, setting them to a record level. The company is active in the field of treatments with transparent splints for straightening teeth and had significantly exceeded expectations with its quarterly figures. According to analysts, this treatment method could now make the breakthrough.

Among the favorites in the S&P 500, AT&T shares soared 5.7 percent. The telecommunications and media group was still heavily impacted by the pandemic in the third quarter, but not as severely as feared.

At the IT security company McAfee, meanwhile, the return to the trading floor was quite disappointing. The first price was $ 18.60, which is seven percent below the issue price of $ 20.00. The shares then rose to $ 19.50 in the course of trading and were most recently quoted again at $ 18.60. McAfee, based in Santa Clara, California, is one of the pioneers in the IT security and antivirus industry and was listed on the stock exchange until it was taken over by chip giant Intel in 2010. / la / he


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