NEW YORK (dpa-AFX) – After three somewhat weaker trading days, the US leading index Dow Jones Industrial on New York’s Wall Street has made up some of its losses. The focus of investors moved away from the topic of inflation and there was moderate optimism.
The Dow rose 0.39 percent to 36,060.29 points around two hours before the close of trading. On a weekly basis, this shows a minus of 0.7 percent. The record high of just under 36,566 meters, which was only reached on Monday, remains within reach. The market-wide S&P 500 advanced by 0.61 percent to 4677.42 points on Friday. The tech-heavy Nasdaq 100 rose 1.02 percent to 16,195.23 points.
The reporting season, which was largely positive, is gradually coming to an end and is supporting the stock markets, even if this occasionally unsettles the high inflation. Any publication of inflation rates that are above expectations could lead to major swings in the equity and bond markets, stated chief investment strategist Mark Haefele of UBS Global Wealth Management. But the topic is not yet strong enough to end the stock market rally.
However, fears of inflation are now weighing on consumer confidence in the US, as the index collected by the University of Michigan this Friday made clear. In November it fell to its lowest level in ten years. As Richard Curtin, head of consumer sentiment poll, said the dwindling confidence reflects “an escalating rate of inflation and growing consumer belief that no effective measures have yet been developed to reduce the damage caused by inflation”.
Among the individual stocks in the Dow, Johnson & Johnson stocks were a significant part of investor attention, up 1.2 percent. The pharmaceutical and consumer goods group wants to split into two listed companies. In addition, the consumer goods division is to be separated with plasters and baby powder in the next 18 to 24 months, as CEO Alex Gorsky told the “Wall Street Journal”. The other division is then the pharmaceutical sector with prescription drugs and medical technology.
Walt Disney suffered further from the figures presented on Wednesday for the fourth fiscal quarter, in which the important streaming business in particular had disappointed. The shares lost another 1.9 percent as the Dow bottom.
For Tesla, the Nasdaq fell 3.5 percent to around $ 1,026, after only reaching a record high of $ 1,243 last week. Tesla boss Elon Musk had sold shares in the electric car pioneer after a sensational Twitter vote in the past few days. Since the beginning of the week, their value has totaled around 5.7 billion US dollars. Overall, the company is worth more than a trillion dollars on the stock market.
In addition to Tesla, its smaller competitor Rivian was also in focus. The shares rose strongly on their only third day on the stock exchange. Most recently it was up 4.3 percent to $ 128.25. Compared to the issue price of 78 dollars, that means an increase of 64 percent. This means that the group is now putting more on the stock market than the German car manufacturer Daimler. BMW had already left Rivian behind on Wednesday. And Rivian has not yet made any significant sales and is also in the red. In September, the company launched its first electric model in the competitive pick-up segment./ck/he
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