ROUNDUP / New York Equities: Slight recovery after a weak start to the week | 10/20/20

NEW YORK (dpa-AFX) – Wall Street recovered somewhat from its weak start to the week on Tuesday. Meanwhile, the issues remained the same: Before the approaching presidential election, investors are looking forward to setting the course for an economic stimulus package that is still hoped for. Meanwhile, the corona virus continues to rage in the United States.

The Dow Jones Industrial (Dow Jones 30 Industrial) recently rose 0.75 percent to 28,407.88 points. At the beginning of the week, the US benchmark index slipped 1.4 percent into the red.

The market-wide S&P 500 gained 0.69 percent on Tuesday to 3450.50 points. The technology-heavy selection index NASDAQ 100 rose 0.24 percent to 11,662.03 points.

Much on the US stock exchanges is currently revolving around new economic stimulus measures that Democrats and Republicans in Washington are still fighting over. The deadline for rapprochement with the US government, previously set by the Democratic spokeswoman for the House of Representatives, Nancy Pelosi, is due to expire on Tuesday. “The math is simple: If they don’t agree today, the much-needed aid package will likely be delayed until after the elections,” commented analyst Ricardo Evangelista of ActivTrades.

The reporting season among the Dow stocks is picking up speed again after a break on Monday. At IBM, the flourishing business with cloud services did not hide the fact that the IT veteran continued to lose control in sales in the third quarter. Due to the continued increased uncertainty in times of pandemics, the group again did not provide an annual outlook. The papers sagged as the clear bottom in the Dow by more than six percent.

Things looked better at Procter & Gamble (ProcterGamble) and Travelers, with increases of 2.5 and 3.4 percent for the respective papers. Thanks in part to the demand for hygiene products, Procter revenues rose in the first quarter of the financial year, and so the group increased its sales and profit targets for the full year.

The insurer Travelers convinced investors with a doubled quarterly profit, although this was also related to special charges in the same period of the previous year. In the third quarter, the Group was even able to dissolve loss reserves from previous years, which cushioned the increased burdens from natural disasters./la/jha/


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