NEW YORK (dpa-AFX) – US stock markets continued their good start until October Tuesday. The hope that the urgency for more aggressive rate hikes by the US Federal Reserve is easing is seen as the driving force behind the strong start to the month after the extremely weak September. Current US economic data has had little impact on prices. As expected, US industrial orders stagnated in August.
The Dow Jones Industrial broke the much-noted 30,000 point mark in early trading for the first time since September 22. More recently, the leading US index climbed 2.27% to 30,161.62 points, expanding its winning streak to around 5% since Monday. The market-wide S&P 500 rose 2.55% to 3772.10 points on Tuesday. The Nasdaq 100 technology index gained 2.69% to 11,532.07 points.
“The optimism appears to have returned to the market in October,” commented Pierre Veyret of broker Activtrades. However, the question remains whether this is a bear market rally or even a temporary reversal.
Airlines stocks were among the largest daily earnings. American Airlines grew by 8.1%, Delta Air Lines by 8.3%, Jetblue Airways by 7.8% and United Airlines by 6.9%.
A particularly noticeable winner on the Nasdaq was Amazon, up 4.7%. Jefferies Research analyst Brent Thill pointed out in a study that investors would get the traditional online trading business for free at the current price level. The group’s market valuation is currently below the value of the other divisions, according to Thill.
Ford shares were up 6.6% following the announcement of September sales figures. Competitor General Motors’ title gained 7.8%.
Fedex shares rose by 4.8%. The logistics group announced that it had reached an agreement with Morgan Stanley for the repurchase of its own shares for a value of US $ 1.5 billion.