New York Stocks End: Further gains underscore strong week | 10/9/20

NEW YORK (awp international) – Increased chances of new economic aid to cushion the corona crisis caused the prices on the US stock market to rise further on Friday. According to his economic advisor Larry Kudlow, US President Donald Trump has now spoken out in favor of a revised economic stimulus package. This will be relatively broad, it said. The Dow Jones Industrial went from trading with plus 0.57 percent to 28 586.90 points. The US leading index rose by 3.3 percent on a weekly basis.

The selling pressure around the area of ​​28,200 and 28,350 points is over, for the first time in more than a month the Dow is again significantly above this level, stated the chart technology experts from Index Radar. This significantly increased the chances of a continuation of the short-term upward trend.

The broad S&P 500 gained 0.88 percent to 3477.13 points on Friday. Things looked even better for the Nasdaq 100 with plus 1.51 percent to 11,725.85 points, the prospect of a billion dollar takeover in the chip industry acted as a price driver.

According to insiders, the chip company Advanced Micro Devices (AMD) is blowing a possible purchase of Xilinx to attack its big rival Intel. A deal that would value Xilinx at around $ 30 billion could be announced as early as next week, Bloomberg news agency reported on Friday, citing people familiar with the matter. Xilinx soared by more than 14 percent, while AMD shares lost just under four percent. Intel papers> gave way by a good one percent.

The shares of the IT group IBM paid tribute to their high price mark-ups from the previous day and ended up at the Dow end with minus 2.8 percent. Microsoft was ahead of the leading index with a premium of 2.5 percent.

The euro rate rose noticeably on Friday. After the market closed, the common currency cost 1.1826 US dollars. The European Central Bank (ECB) had previously set the reference rate at 1.1795 (Thursday: 1.1765) dollars, so the dollar had cost 0.8478 (0.8500) euros. The futures contract for ten-year Treasuries (T-Note-Future) rose by 0.05 percent to 138.84 points. The ten-year bond yield was 0.772 percent./ajx/he

— By Achim Jüngling, dpa-AFX —

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