A turbulent week on Wall Street came to an end on Friday night, and it was a long-awaited upswing for the three key indices.
The rise stood from the start and continued throughout the day. This is what it looked like after the weekend:
The Nasdaq technology index rose 3.8 percent
The Dow Jones rose 1.5 percent
The broad S&P 500 index rose 2.4 percent
The development came after what has been a roller coaster on Wall Street. On Thursday night, industrial-heavy Dow Jones fell for the sixth day in a row, in a week in which markets had to digest sky-high inflation reports and continued geopolitical unrest.
Despite the upturn on Friday, the week still ended more than two percent in the red for all three key indices.
Uncertainty about Twitter purchases
In a tweet on Friday, Elon Musk announced that the agreement to buy Twitter has been put on hold. Twitter shares fell 20 percent immediately after the news became known.
A few hours later, however, Musk tweeted that the intention continued to be to buy the company. After opening on Wall Street on Friday, Twitter shares fell 9.4 percent.
– Since Musk came with his Twitter bid, the prices for the tech shares have fallen, and if he had made a bid on Twitter today, it would have been a much cheaper purchase for him. I think he is now trying to get out of the agreement, said investment director at Nordea, Robert Næss.
Tesla shares rise 3.98 percent after opening.
Turbulent week
The rise on Wall Street comes after the Dow Jones fell for the sixth day in a row on Thursday, while the broad S&P 500 index reached a low for the year.
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The week has sometimes been marked by fiery inflation figures that came on Wednesday. Inflation for April was 8.3 per cent and is still at a record high, but it is slightly lower than the price increase of 8.5 per cent that was noted in March. The last time it was at this level was in the early 1980s.
On Wednesday last week, the Fed, the US Federal Reserve, raised its key interest rate by 0.5 per cent. Several large interest rate hikes have been announced in the future. The long-term target for consumer price inflation in the United States is two 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 look here.
