NEW YORK (awp international) – Strong quarterly results from Nike and optimism from Micron made a significant contribution to the recovery in the New York stock market on Tuesday. After the weak start to the week, the leading index Dow Jones Industrial rose by 1.60 percent to 35,492.70 points and again jumped the 21-day line relevant for the short-term trend.
The market-wide S&P 500 gained 1.78 percent to 4649.23 points. The technology-heavy Nasdaq 100 ended trading even stronger with a plus of 2.29 percent to 15,986.28 points.
The news that President Joe Biden wants to speak to Senator Joe Manchin again about the trillion-dollar climate and social package – so far, the Democratic party colleague has blocked Biden’s plans – also proved helpful for the stock market. The Omikron worries temporarily faded into the background.
Micron benefits from the high demand for chips. This makes the group more optimistic. Shares hit their highest level since April, ending the day up 10.5 percent. JPMorgan analyst Harlan Sur raised his target price from $ 100 to $ 115. He referred to an improved product mix and a solid management performance in terms of cost reductions and delivery / inventory management. Micron predicts a balance between supply and demand in 2022. Bank of America then upgraded the title to “Buy”.
The sporting goods manufacturer Nike also pleased investors with its interim report. The papers gained 6.2 percent at the top of the Dow. The Adidas competitor had done better in the three months to the end of November than analysts expected. North America and Europe had brought growth, also because goods previously on the transport routes had now increasingly reached the markets.
Boeing advanced just behind Nike by 5.9 percent. The US parcel service UPS ordered 19 type 767 freighters from the aircraft manufacturer. According to the price list, the order has a total value of just under 4.2 billion US dollars.
On balance, the euro showed little change and cost 1.1282 US dollars after the US market closed. The European Central Bank had set the reference rate at 1.1295 (Monday: 1.1273) dollars, the dollar cost 0.8854 (0.8871) euros.
The strong stock market weighed on bonds. The futures contract for ten-year Treasuries (T-Note-Future) fell 0.35 percent to 130.23 points. In return, the yield on ten-year government bonds rose to 1.47 percent./ajx/he
— By Achim Jüngling, dpa-AFX —
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