NEW YORK (dpa-AFX) – The New York stock exchanges gave full throttle again on the last meters on Friday. A mixed week ended with a positive final chord. Market observers identified positive economic data, positive news for the banking sector and the rapid corona vaccination campaign in the United States as price drivers.
The leading index Dow Jones Industrial (Dow Jones 30 Industrial) held its ground in positive territory for the entire trading day, before it got another strong boost in the last few minutes. In the end, the share price rose by 1.39 percent to 33 072.88 points, which meant that he was targeting his record high of 33 227 points, which was only a few days old. On a weekly basis, the stock market barometer recorded an increase in value of a similar magnitude.
The other indices also burned off a fireworks display shortly before the end: For the market-wide S&P 500 it ultimately rose by 1.66 percent to 3974.54 points, which means that it barely missed a record. Both standard value indices ultimately defied a phase of weakness on Thursday. The technology-heavy NASDAQ 100 finally advanced by 1.55 percent to 12,979.12 points after the moderate losses the day before.
As the consumer sentiment surveyed by the University of Michigan demonstrated, the consumer confidence in the US brightened significantly in March and reached its highest level in a year. Both expectations and consumer assessments of the situation improved significantly. The university attributed the increases to progress in the corona vaccination campaign and government support payments.
At the same time, the slightly lower than expected increase in personal consumption expenditure (PCE) for February supported the Fed’s assessment that inflationary pressure has so far been limited. This means that the monetary authorities are not under pressure to have to raise interest rates anytime soon, which would reduce the attractiveness of the equities asset class compared to fixed-income securities.
On Thursday after the market closed, the Fed also announced that it would lift its corona-related restrictions on dividends and share buybacks by banks at the end of June. However, the initial euphoria subsided somewhat in the sector.
In addition, there were statements from US President Joe Biden, who had doubled the vaccination target for his campaign the day before. Instead of 100, 200 million doses are now to be injected in the first 100 days of his term of office. The fact that this is well received by market participants is primarily due to their hope of a quick return to a pandemic-free and recovering economy.
The shares of the oil companies Chevron and Exxon Mobil profited with gains of 2.3 and 2.7 percent, respectively, from the fact that the ongoing blockade of the Suez Canal after the wreck of a freighter recently caused oil prices to rise. Despite ongoing efforts by tugs and other equipment, there is still no progress in the salvage work. The Japanese owner hopes to get the freighter free this weekend.
The papers of the tobacco company Altria benefited with over four and a half percent plus from a positive study: The Jefferies analysis company upgraded them and is now advising buyers.
The euro ended its most recent downturn and last cost 1.1795 US dollars in New York trading. Before that, the European Central Bank (ECB) set the reference rate at 1.1782 (Thursday: 1.1802) dollars and the dollar cost 0.8487 (0.8473) euros.
US government bonds suffered from investors’ willingness to take risks before the weekend: The futures contract for ten-year Treasuries (T-Note Future) fell by 0.21 percent to 131.68 points, building on the previous day’s development. In return, the yield on ten-year government bonds increased by 1.67 percent./gl/he
— By Gerold Löhle, dpa-AFX —
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