NEW YORK (awp international) – Wall Street went on a recovery course on Thursday. After the last few cloudy days, the most important stock indices now rose significantly. Robust economic data in particular proved to be the driving force. In addition, some companies surprised positively with their quarterly figures.
The Dow Jones Industrial rose 1.51 percent to 34 897.45 points. The S&P 500 gained 1.64 percent to 4435.51 points. The technology-heavy Nasdaq 100 went up 1.83 percent to 15,045.47 points.
The situation on the labor market has surprisingly improved significantly. The number of weekly initial jobless claims fell below 300,000 for the first time in the Corona crisis.
With a view to individual companies, the health insurer UnitedHealth raised its profit forecast for this year again after a surprisingly good summer quarter. The shares jumped to a record high and recently rose by a good four percent.
The drugstore and pharmacy chain Walgreens Boots Alliance recovered significantly from the consequences of the corona pandemic in the final quarter of its 2020/21 financial year. In addition to strong profit growth in pharmacies and retailers in the United States, the group also cited a continued recovery in the UK as reasons. After a subdued start, the papers recently soared by almost nine percent and thus sat at the top of the Dow. The stock exchange traders justified the latest upward push by saying that the management emphasized the company’s long-term growth prospects in the conference call after the quarterly figures were announced.
In addition, following the largest US bank JPMorgan, other important financial institutions have now also reported strong leaps in profits. Bank of America and Wells Fargo also benefited in the third quarter from the reversal of provisions that they had set up in Corona year 2020 with a view to looming loan defaults. Because the economy is recovering from the crisis, and it is foreseeable that not as many loans will fail as had been feared in the meantime. The money houses Morgan Stanley and Citigroup also increased their profits significantly.
Nevertheless, the reaction from investors was mixed. While Bank of America’s shares rose 3.6 percent and Morgan Stanley’s 1.7 percent, Citigroup’s shares rose only moderately. Wells Fargo shares fell more than 1 percent. This bank saw its earnings decline. In addition, the scandal about bogus account openings once again had a negative impact on the books.
Outside the reporting season, Boeing’s shares fell more than one percent at the Dow end. The series of problems with the Pannenjet 787 “Dreamliner” does not stop. Now a supplier announced that some components were not manufactured correctly./la/he
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