NEW YORK (dpa-AFX) – On Wall Street, the most important stock indices are likely to climb records on Friday as well. However, there are indications that investors could take it easy just before the weekend.
Broker IG valued the leading index Dow Jones Industrial (Dow Jones 30 Industrial) just under an hour before the stock market launch at 34 098 points, which is 0.18 percent higher. On Thursday, a whole series of surprisingly robust economic data and strong quarterly figures from health insurer and Dow heavyweight UnitedHealth fueled the record rally.
Meanwhile, the Swiss bank UBS increased the price target for the market-wide index S&P 500 by the end of the year from 4200 to 4400 points this Friday. “With the economy reopening faster in the coming months, we believe the bull market will continue to stand on solid foundations,” wrote investment chief Mark Haefele.
After two rounds of stimulus from the US government and thanks to continued progress in vaccinations against the coronavirus, according to Haefele, there is increasing evidence that economic activity in the US is picking up speed again. In addition, the cost pressure on companies is largely only of a temporary nature and can be offset by sales growth.
This Friday, however, the focus is once again on the quarterly figures of financial institutions. The booming trade in securities as well as strong growth in asset management and investment banking brought the Morgan Stanley financial institution top profit and income figures at the beginning of the year.
Morgan Stanley’s results were positive overall, but they also had one flaw: the default of a single customer and consequent trading losses resulted in the loss of over $ 900 million. The bank did not reveal a name, but it was likely to have been the hedge fund Archegos, whose bankruptcy shook the industry and also weighed on other investment houses such as Credit Suisse (Credit Suisse (CS)) or Nomura. In pre-market US trading, the shares of Morgan Stanley made up for initial losses and were recently quoted half a percent higher.
The shares of the financial group PNC Financial (PNC Financial Services Group) were also moderately positive in the pre-trading period. Here stockbrokers emphasized that earnings per share exceeded market expectations./la/mis
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