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NEW YORK (dpa-AFX) – On the last trading day of the week, the US stock exchanges rose to new records. The Dow Jones Industrial (Dow Jones 30 Industrial) climbed to another high on Friday in the first few minutes of trading, as did the market-wide S&P 500. In the further course, both stock market barometers could not quite hold their profits. With new price records recently, investors could reap profits before the weekend.
Most recently, the Dow was up 0.30 percent to 34 139 points. From a weekly perspective, there is now a one percent mark-up on the leading index. The market-wide S&P 500 advanced by 0.20 percent to 4179 counters. On the other hand, the technology-heavy NASDAQ 100, which had rallied strongly the day before, lagged slightly with a minus of 0.05 percent to 14 019 points.
Despite the price rally in recent weeks and months, experts still see upside potential: The Swiss bank UBS raised its target price for the S&P 500 index from 4200 to 4400 points by the end of the year on Friday. “With the economy reopening faster in the coming months, we believe the bull market will continue to stand on solid foundations,” wrote investment chief Mark Haefele.
After two rounds of stimulus from the US government and thanks to continued progress in vaccinations against the corona virus, according to the expert, there is increasing evidence that economic activity in the US is picking up speed again. In addition, the cost pressure on companies is largely of a temporary nature and can be offset by sales growth.
With a view to the individual stocks, the quarterly reports of companies caused movement. The shares of the banks Morgan Stanley and Bank of New York Mellon came under pressure with losses of 3.4 and 4.2 percent respectively. Morgan Stanley’s quarterly report also had a flaw, despite strong numbers. For example, over $ 900 million was lost to a single customer default. At the Bank of New York Mellon, analysts criticized the profitability in the business with interest-bearing securities.
The State Street Treasurer’s Course. sagged by as much as seven percent. Investors were disappointed with the forecast of less steep increases in fees in the current second quarter.
Alcoa (Arconic) shares rose by almost nine percent to their highest level since the end of 2018. At the beginning of the year, the group benefited from rising aluminum prices in the course of the expected economic recovery, especially in the USA.
Cisco sat at the top of the Dow Jones Index with a gain of 2.4 percent. The analysis company Wolfe Research advised buying the shares of the IT network supplier. In the past few weeks, the two large investment houses Goldman Sachs and JPMorgan had already given Cisco shares a higher rating./bek/he
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