New York Stocks: Dow Hits Another High | 07/29/21

NEW YORK (awp international) – Supported by sinking inflation concerns, Wall Street trended firmer on Thursday and made further highs. New company figures brought light and shadow. The Dow Jones Industrial posted a record high of 35,171 points and was last 0.61 percent up at 35,145.24 points. The market-wide S&P 500 also climbed a further high and recently rose by 0.62 percent to 4427.98 points. For the Nasdaq 100 it went up 0.38 percent to 15 075.01 points.

Fresh economic data reduced worries about US inflation and how long the US Federal Reserve will maintain its ultra-loose policy. Recent US GDP data showed that consumer spending was strong in the second quarter, even if overall growth was below expectations. The number of initial jobless claims decreased in the past week but was still higher than expected. On Wednesday, the US Federal Reserve chief Jerome Powell said that the time to reduce bond purchases was nearer, but that there was still a long way to go.

Facebook shares lost 4.2 percent. CFO David Wehner had spoken of weaker growth in the further course of the year the evening before. The payment service provider PayPal suffered a slump in profits in the second quarter. For the papers it was almost 6 percent down.

In contrast, the quarterly figures of the chip manufacturer Qualcomm were well received by investors, with the share price increasing by 5.6 percent. The automaker Ford surprised with a higher profit target for the current year. Here the price rose by 3.9 percent. The pharmaceutical giant Merck & Co missed the profit expectations of the market, the papers lost 1.8 percent.

The price of the Chinese transport service provider Didi soared up by around 50 percent before the trading day, but later crumbled massively and was most recently “only” 12 percent higher. The Wall Street Journal reported that the company was considering withdrawing from the stock market to appease China’s cyberspace authority. Didi denied this, however, whereupon the share began to withdraw.

Investors gave the securities broker Robinhood the cold shoulder when it went public in New York. Shares fell 4.6 percent to $ 36.26 when they debuted on the Nasdaq tech stock exchange. Robinhood had previously found it difficult to get hold of the papers as hoped for investors. Ultimately, the shares had gone on sale at an issue price of $ 38; Robinhood had actually targeted up to $ 42. At the premiere, however, the company also opted for an unusual method./edh/he

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