NEW YORK (dpa-AFX) – The mood on the New York stock market will initially remain positive on Wednesday. The wave of euphoria triggered at the beginning of the week by the prospect of a corona vaccine and Joe Biden’s election victory continues with a somewhat weaker force and ensures that the Dow Jones Industrial could target the 30,000 points again by midweek.
The broker IG estimated the US leading index just an hour before the start of 0.67 percent higher to 29,617 points. On Monday, the Dow was close to the 30,000 mark with a peak of 29,933 points.
Investors around the world are currently switching from technology stocks that have been very strong in recent months to cyclical value stocks. Monday’s vaccine news really seemed to change the rules of the game in the markets, believes analyst Craig Erlam of broker Oanda. For the first time in months, the prospects of a permanent economic opening and a return to normalcy have spurred the markets instead of stimulus measures and a technology sector driven by the pandemic, the expert said.
Against this background, prices on the US technology exchange Nasdaq have already fallen significantly since the beginning of the week. Nevertheless, they are likely to recover a little on this Wednesday: The Nasdaq 100 was recently valued slightly higher by IG.
In China, however, technology stocks continued to be sold on a large scale towards the middle of the week. The Chinese government had previously issued regulations to prevent monopoly practices in the Internet industry. Beijing is increasingly diminishing the influence of private companies that dominate this burgeoning sector, especially online commerce and the digital finance industry. In Hong Kong, the Alibaba shares fell under the wheels and the New York-listed papers of the Internet trader were very weak with a pre-market minus of more than five percent.
The Lyft shares went up by more than five percent before the market. The travel agent increased its sales in the third quarter by more than half and limited the loss more than expected on the market. Several analysts have now raised their price targets for Lyft./ajx/mis
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