The technology stock exchange Nasdaq has plunged by ten percent in just the last three days, but after about a week of continuous decline, the US stock exchanges opened up on Wednesday.
At closing time, the little comeback was a fact.
- Industrial-heavy Dow Jones rose 1.6 percent.
- Technology-heavy Nasdaq rose 2.7 percent.
- The S&P 500 aggregate index rose 2.02 percent.
For the broad S&P 500 index, Wednesday was the best day since June 5, while the Nasdaq had its strongest rise in one day since the end of April. The indices have continued to fall by 4.1 per cent and 7.5 per cent respectively in the last five trading days.
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The three leading indices thus ended the day markedly up, but declined somewhat at the very end of the trade. The American newspaper Wall Street Journal reported just before 22.00 Norwegian time that Chinese Bytedance and the American authorities are in dialogue to find a solution to avoid a sale of TikTok’s American business.
Sales have long been on the rise, with Microsoft and Walmart as two hot candidates to take over operations.
Tesla rose significantly
Tesla moved up sharply, almost eleven percent. It happened after a fall of 21 percent on Tuesday, on what according to CNBC ended up being the electric car manufacturer’s worst trading day ever. Apple, Amazon and Microsoft all rose around four percent on Wednesday.
– It was time for a jump up again, says Christian Fromhertz, general manager of Tribeca Trade Group to CNBC.
– We had three days of sales and these periods tend to last longer than they should, he says, but at the same time will not bounce the champagne completely yet.
– I want to see if this jump can continue to see if there is actually something fundamental at the bottom, says Fromhertz.
Uglamorous litigation
Goldsmith chain Tiffany & Co. fell around six percent after the French luxury goods company LVMH has definitively canceled the planned acquisition, and it is now heading towards an unglamorous settlement at various law firms in New York and Paris, and in the judiciary.
The pharmaceutical company AstraZeneca is also in the spotlight of investors, after disappointing test results on the development of a coronary vaccine. The stock fell from the start, but ended the day with a cautious rise of 0.4 percent.
Yesterday’s stock market winner Nikola, which rose by 40 percent on Tuesday after an agreement with General Motors, corrected sharply down around 15 percent. The Norwegian hydrogen company Nel has a large stake in Nikola Motors, which makes electric cars and trailers.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases using a link, which leads directly to our pages. Copying or other form of use of all or part of the content, can only take place with written permission or as permitted by law. For additional terms look here.
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