Börse Express – ROUNDUP / New York stocks: Dow rises to another record high

NEW YORK (dpa-AFX) – Supported by falling inflation concerns, Wall Street opened more firmly on Thursday and with further highs. New company figures brought light and shadow. The Dow Jones Industrial rose to a record high of 35 155 points at the start of trading and was most recently 0.53 percent higher at 35 115.56 points. Also the market-wide S&P 500
climbed another high and most recently rose by 0.52 percent to 4423.43 points. For the Nasdaq 100 it was up 0.36 percent to 15 072.25 points.

Fresh economic data mitigated concerns 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 3.3 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 went down by almost 6 percent in the pre-trading period.

In contrast, the quarterly figures of the chip manufacturer Qualcomm were well received by investors on, the share price rose by 5.4 percent. The automaker Ford surprised with a higher profit target for the current year. Here the price rose by 5.3 percent. The pharmaceutical giant Merck & Co missed the market’s profit expectations, the shares lost 1.4 percent.

The course of the Chinese transport service provider Didi
shot up by around 50 percent before the IPO, but later crumbled massively and was finally “only” 5.5 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. The authority had previously advised the company not to go public in the US, but Didi had taken the step anyway. The authority then banned the app stores in China from offering the Didi app for download. That had caused the Didi course to collapse./edh/he

 ISIN  US2605661048  US6311011026  US78378X1072

AXC0369 2021-07-29/17:00

Copyright dpa-AFX Wirtschaftsnachrichten GmbH. All rights reserved. Redistribution, republication or permanent storage without the express prior consent of dpa-AFX is not permitted.

– .