The American flag on the New York Stock Exchange.
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(Photo: AP)
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Frankfurt/New York After the price gains of the past few days, US investors are temporarily out of breath. The leading indices Dow Jones and S&P 500 were hardly changed on Wednesday compared to the previous day’s level. Only the technology-heavy Nasdaq can pull away. The index rose by 1.2 percent.
Apparently some investors cashed in, said Peter Cardillo, chief economist at Spartan. However, should the forthcoming company balance sheets surprise positively, a speedy resumption of the stock market rally can be expected.
Also, robust business numbers fell on fertile ground because the underlying mood is quite pessimistic, interjected Steve Sosnick, chief investment strategist at Interactive Brokers. Therefore, they particularly rewarded encouraging results.
Stock marketers eagerly awaited the results of Tesla, which the electric car manufacturer wanted to present after the US stock market closed. “With factories as the money-burners, a tough quarter seems like a safe bet,” said Neil Wilson, chief analyst at online brokerage Markets.com.
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