(ABM FN-Dow Jones) Wall Street was closed higher on Thursday. The S&P 500 ended 0.4 percent in green at 3,581.87 points and the Dow Jones index rose 0.2 percent at 29,483.23 points. The Nasdaq ended 0.9 percent in the plus on a close of 11,904.71 points.
The mood in New York was restrained for much of the day. The indexes, however, found their way up when Democratic minority leader Chuck Schumer announced in the Senate that his Republican colleague Mitch McConnell in the Senate had agreed to renegotiate new stimulus measures.
Equity market sentiment has been mixed so far this week. Investors weigh optimism about potential corona vaccines against concerns about tougher lockdowns as the number of infections soar.
“Markets are struggling to reconcile two very different kinds of news with two very different timeframes,” said Hugh Gimber of JPMorgan Asset Management. “The news about vaccines is undoubtedly positive, but the outcome will take months and even quarters.”
On Wednesday, the number of deaths from the coronavirus in the United States rose to more than 250,000. Various states are taking stricter measures regarding the wearing of mouth masks and catering visits.
In New York, even public schools are being closed for the time being, raising concerns among investors that the US economy may come to a partial halt again due to the second wave of corona.
Macroeconomic data was mixed on Thursday. The Philadelphia Fed index fell from 6 points to 26 points in November.
The number of new claims for unemployment benefits in the US increased by 31,000 to 742,000 last week. Stabilization was expected.
“This suggests that the recovery in the US economy is losing steam,” said CMC Markets market analyst David Madden.
According to TD Securities market strategist Jim O’Sullivan, the US economy seems to be slowing down at the moment, but there is no sign of a new recession. The market expert believes that new lockdown measures will be much more targeted than in the spring.
The euro / dollar was trading at 1.1879 on Thursday evening. The crude oil price fell slightly on Thursday. A barrel of West Texas Intermediate became 0.2 percent cheaper at $ 41.74 at settlement. Bloomberg news agency reported on Thursday that officials from the United Arab Emirates have doubts about their participation in the OPEC + production deal. In addition, new lockdown measures weigh on demand for oil.
Company news
Pfizer, which reported an efficacy of more than 90 percent last week with regard to its potential corona vaccine, came Wednesday evening with additional interim data that even showed an efficacy of 95 percent. That is why an application for accelerated approval in the United States will soon follow. The share fell 0.3 percent. Partner BioNTech rose 5.0 percent.
Department store chain Macy’s posted another loss in the third quarter, but a lot less than in the second quarter. Revenue fell below $ 4 billion from $ 5.1 billion a year earlier. That was as the market expected. The stock won 2.1 percent.
Nasdaq wants to acquire Canadian Verafin for $ 2.75 billion, which is engaged in the fight against financial crime. The share of the American stock exchange organization rose 1.7 percent.
Coca-Cola has shifted too much of its profits to foreign branches to avoid high taxes in the US, a US tax judge ruled Wednesday. The soft drink giant will probably have to adjust its tax strategy. The stock won 1.0 percent.
Bath & Body Works posted sales growth of 55 percent as the pandemic has spiked demand for soap and sanitizers. Parent company L Brands was thus able to compensate for the fall in sales at its lingerie brand Victoria’s Secret. L Brands posted almost 18 percent higher on Thursday.
Nvidia sees demand for video games and home computers continue during the corona crisis, while large data centers continue to use the company’s graphics chips. Fourth quarter sales are expected to be higher than the record sales recorded in the past quarter. The stock won 0.1 percent.
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