NEW YORK (AP) – Computer manufacturer Dell has become considerably more valuable on the New York stock exchange on Friday. The group presented better-than-expected figures and rose more than 21 percent. At the same time, Wall Street was looking for direction after new macroeconomic releases that may shed light on the Federal Reserve’s future interest rate policy.
Dell, known for laptops and PCs, said in a quarterly report that it was benefiting from strong demand for products related to the development of artificial intelligence. This contributed to better than expected results. Analysts at investment bank Morgan Stanley put the company on their list of favorites for IT companies.
At the same time, investors were trying to get a better picture of the state of the US economy. A new US government jobs report pointed to increased unemployment in the United States, which would mean the job market is becoming less tight.
Positive news
This was seen as positive news in the financial markets, as a cooling labor market signals to the Federal Reserve that rate hikes have done their job in counteracting high inflation. But later in the day, market research data pointed to a stronger-than-expected industry performance, which could have a negative impact on inflation.
The Dow Jones index rose 0.3 percent to 34,837.71 points. The broad S&P 500 gained 0.2 percent to 4515.77 points, but tech gauge Nasdaq lost a fraction to 14,031.82 points.
Pharmacy chain Walgreens Boots Alliance lost 7.4 percent after the departure of top woman Rosalind Brewer, who had been in charge of the company since March 2021. Under her leadership, Walgreens sought to expand in the field of medical care. This was not an unqualified success, as the company recently warned that earnings this year will be lower than expected.
Tesla
Tesla lost more than 5 percent. The automaker has launched a new updated version of the Model 3 with a longer range in China and other markets, including Europe, the Middle East, Australia and Japan. But some analysts were shocked by the price for that car and feared competition from cheaper Chinese brands.
The euro was worth 1.0847 dollars, against 1.0784 at the close of the European stock exchanges. A barrel of US oil cost 2.7 percent more at $ 85.88. Brent oil rose 2.2 percent in price to $88.75 a barrel.
2023-09-01 20:38:25
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