–
All the leading stock exchange indices on Wall Street were up sharply at the opening on Tuesday afternoon, Norwegian time. The optimism only increased in strength, and when the trade closed it looked like this:
- The broad S&P 500 index is up 2.45 percent.
- The industry-heavy Dow Jones index is up 2.15 percent.
- The Nasdaq technology index trades up 2.5 percent.
The markets are still characterized by large, open questions. How much should the interest rate go up? Will inflation come down without recession? And has the bottom been reached?
John Stoltzfus in the management giant Oppenheimer thinks it will go well.
– We may snag a recession, be almost gone, but not completely. This is because we believe that the central bank has become much more aware of how their actions affect the economy, both in terms of employment and in terms of stability, says the chief market strategist to the news agency Bloomberg.
Stoltzfus continues:
–
– We are not out of the forest yet, but we think we are going in the right direction.
Terrible week
Tuesday’s upswing comes after a terrible week in which the Dow Jones fell by almost five percent and fell below 30,000 points for the first time since January 2021. Nasdaq fell 4.8 percent last week, down 33 percent from the all-time high. The Dow Jones, S&P 500 and Nasdaq have all been down in ten of the last 11 weeks, according to TDN Direkt.
Last week was the worst stock market week since March 2020, ie when the corona first hit full force. At least if one is to use the S&P 500 index as a yardstick.
This was the first trading day of the week in the United States, after the stock exchanges were closed on Monday due to the celebration of Juneteenth, which marks the liberation of the slaves in the United States.
All the big ladders
The vast majority of stock exchange locomotives are rising on the stock exchange, and the electric car and battery company Tesla is among those that are rising the most. Tesla shares rose more than nine percent after CEO Elon Musk announced that the company’s payroll costs would be cut by ten percent, and that 3.5 percent of the company’s employees would be laid off. Two former employees have all sued the company for alleged illegal mass redundancies.
But also the old, until recently unpopular energy stocks, did well on Tuesday, with giants such as ExxonMobil and Chevron up 6.2 and 4.2 percent, respectively.
The price of bitcoin is also up to almost 21,000 dollars, after it dropped below 20,000 this weekend.
–
The oil price is up for the day, and a barrel of North Sea oil is now traded for 114.5 dollars a barrel.
The US ten-year key interest rate is barely up, to 3.28 percent.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases using a link, which leads directly to our pages. Copying or other use of all or part of the content may only take place with written permission or as permitted by law. For additional terms se her.
–
