NEW YORK (dpa-AFX) – After a sluggish start to trading, the US stock exchanges picked up speed on Wednesday. This is especially true for tech stocks. Tailwind comes from the bond market, where yields have not increased further despite surprisingly high price data, but have fallen for the second day in a row. The leading index Dow Jones Industrial recently rose by 0.7 percent to 34,471 points.
The broader S&P 500 gained 0.8 percent to 4433 points. The tech-heavy Nasdaq 100 rose 1.5 percent to 14,151 points.
In the US, producer prices rose even more than expected in March. They experienced the strongest increase since the survey began in 2010. High inflation had noticeably slowed the upward trend in US stocks in the past few weeks. The day before, however, consumer prices had awakened initial hopes that inflation might have peaked.
The biggest loser in the Dow was JPMorgan with minus three percent. The money house had opened the number of large investment banks before the market. Results also fell short of expectations because of the fallout from Russia’s war of aggression against Ukraine. Loan defaults were higher than expected, and analysts had also expected better results in investment banking.
On the other hand, the quarterly figures and statements from Delta Air Lines were very well received, they drove the entire industry. After a first quarter with deep red numbers, the company sees itself on the upswing again. “We returned to profitability in March,” said CEO Ed Bastian. The papers rose by 6 percent. United Airlines grew 5.5 percent and American Airlines grew 10 percent.
In fact, shares of Sierra Oncology are up nearly 40 percent. The British pharmaceutical company GlaxoSmithKline wants to take over the cancer researcher for 1.9 billion dollars.
The price of the pharmacy chain Walgreens Boots Alliance included in the Dow rose by up to 6.5 percent for a short time, but then fell back to plus 0.7 percent. According to the Bloomberg news agency, the Indian billionaire Mukesh Ambani is considering a takeover bid for the international business of the Americans through his company Reliance Industries
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