The technology-heavy Nasdaq 100, which had rallied the day before, lagged slightly behind with a minus of 0.17 percent to 14,003 points.
Despite the price rally of the past weeks and months, experts still see upside potential: The Swiss bank UBS raised its target price for the S&P 500 index by the end of the year from 4200 to 4400 points this 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 only 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 fell 0.6 and 2.6 percent, respectively. Morgan Stanley’s quarterly report also had a flaw, despite strong numbers. A single customer defaulted over $ 900 million in losses. At the Bank of New York Mellon, analysts criticized the profitability in the interest business.
Alcoa’s papers rose more than six 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 house Wolfe Research advised buying the shares of the IT network equipment supplier. In the past few weeks, the two large investment houses Goldman Sachs and JPMorgan had already rated Cisco shares higher./bek/he
(AWP)
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