NEW YORK (dpa-AFX) – The share prices on Wall Street have stabilized again on Tuesday after the losses at the beginning of the year. The already high valuations and the reluctance of investors on the day of the important runoff elections for the US Senate in Georgia, however, again set limits to willingness to buy. Strongly unusual sentiment data from industry did not provide any positive impulses either.
The leading index Dow Jones Industrial (Dow Jones 30 Industrial) overcame a temporary attack of weakness and recently gained 0.48 percent to 30 368.40 points. The market-wide S&P 500 rose 0.55 percent to 3720.96 points and the technology-heavy NASDAQ 100 gained 0.52 percent to 12,761.24 points. On Monday, all three indices had already set records at the beginning, but then closed with clear losses.
The result of the votes in Georgia will determine whether the Republicans can defend their majority in the Senate or whether the Democrats will also dominate the second chamber of parliament in addition to the House of Representatives. Polling stations close at 7:00 p.m. local time, after the closing bell on Wall Street.
US observers expected a close race. It was initially unclear when there would be reliable results. According to analysts at the investment management company T. Rowe Price, the election result could be decisive for the size of the next economic stimulus program and thus the recovery of the coronavirus-strained US economy.
With control of the Senate, the future President Joe Biden could rule – provided the Democrats pull together on bills or appointments of government officials. In this case, investors expect higher fiscal incentives to stimulate the economy, but also higher taxes and more regulation. But if the Republicans manage to win at least one of the two seats, they can block any initiative by Biden – starting with the nomination of his cabinet.
QUALCOMM stocks rose two percent after a change in leadership became known. At the chip company, an expert in super-fast 5G data radio takes over the chief position. Christiano Amon replaces Steve Mollenkopf, who had successfully brought the company through a series of legal turmoil.
The shares of the oil giant Chevron conquered the Dow top with a plus of 4.7 percent, and for the stocks of competitor Exxon Mobil it even went up 7.2 percent. Thanks to the agreement of the oil cartel Opec and its ten cooperation partners (Opec +) on a largely stable production level for February and March.
Otherwise, analyst comments caused price fluctuations. The shares of Boeing, as the second best Dow value, gained nearly four and a half percent, making up for a large part of the previous day’s loss. At the beginning of the week, a sales recommendation from the analysis company Bernstein weighed on it, but now UBS has given support. The Swiss confirmed their vote to buy the aircraft manufacturer’s title. Thanks to Citigroup, which is now advising to buy instead of selling, paper from semiconductor manufacturer Micron Technology rose by almost four percent.
In contrast, shares in the solar group First Solar lost nearly nine percent. The bank Goldman Sachs took their buy recommendation and is now recommending a sale./gl/he
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