NEW YORK (dpa-AFX) – On Thursday, the economically sensitive technology stocks on the US stock exchanges significantly expanded their mid-week gains. However, the leading index Dow Jones Industrial (Dow Jones 30 Industrial) only increased slightly. Overall, there was still confidence that the political dispute over the debt ceiling in the world’s largest economy would be resolved in good time. The Republican chairman of the House of Representatives, Kevin McCarthy, was confident that an agreement could be reached soon. A vote in the House of Representatives would be possible next week.
The Dow made up for slight losses in the meantime and ended up 0.34 percent up at 33,535.91 points. On Wednesday, the stock market barometer rose by 1.2 percent after high-ranking representatives of the Democrats and Republicans spoke of positive signs about the meeting with US President Joe Biden in the White House on the debt crisis. At the beginning of June there could be a risk of default if no agreement is reached.
The market-wide S&P 500 went up 0.94 percent to 4198.05 points. The NASDAQ 100 as a selection index for technology stocks rose by 1.81 percent to 13,834.62 points, reaching the level of April 2022.
The courses were also supported by quite robust economic data. The weekly initial jobless claims fell more sharply than expected. In addition, the business climate in the Philadelphia region did not deteriorate as much as forecast in May.
Among the best performers in the Dow, shares of Walmart rose 1.3 percent. The largest retailer in the US is more confident about the year as a whole after a robust first quarter. At the S&P 500 end, shares of competitor Target fell 4.2 percent. Insider Intelligence analyst Zak Stambor saw Walmart’s strong quarterly results and upbeat outlook in sharp contrast to Target’s corresponding data.
Shares in Chinese Amazon competitor (Amazon) Alibaba fell 5.4 percent. Revenue for the fourth fiscal quarter missed analyst estimates.
The shares of Micron (Micron Technology) rose by 4.1 percent. According to the Bloomberg news agency, citing those who were informed, Japan wants to give the semiconductor company $1.5 billion as an incentive to support the production of next-generation memory chips in the country. In the wake of this, the shares of the chip company Intel gained 2.8 percent at the top of the Dow.
The euro fell to the level of the end of March and was last listed at 1.0774 US dollars. In addition to the robust economic data and the prospect of an agreement in the US debt dispute, speculation that the US Federal Reserve will have to raise interest rates again as inflation remains high. Dealers increased bets on a rate hike to about 40 percent in June after Dallas Regional Federal Reserve Chair Lorie Logan said the case for a pause in rate hikes next month was ambiguous. The European Central Bank had set the reference rate at 1.0813 (Wednesday: 1.0829) dollars. The dollar thus cost 0.9248 (0.9235) euros.
US government bonds also suffered from this mixed situation. The futures contract for ten-year bonds (T-Note Future) recently fell by 0.52 percent to 113.98 points. In return, the yield on ten-year paper rose to 3.66 percent from mid-March levels
— By Lutz Alexander, dpa-AFX —
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2023-05-18 20:46:38
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