New York stocks: record run is picking up speed

NEW YORK (dpa-AFX) – In view of a strong labor market recovery in the United States, the US stock exchanges reached new highs on Friday. In addition, industry received slightly more orders than expected in May compared with April. That helped the market-wide S&P 500 as well as the Nasdaq indices, which are mainly peppered with technology stocks, set new records. The Dow Jones Industrial however, is still lagging behind.

“The US labor market is recovering vigorously, although the consensus estimate for the unemployment rate was missed. The employment rate has meanwhile stagnated,” said Helaba analyst Ralf Umlauf, summarizing the development in June. According to him, there is not yet any acute pressure to act on the US Federal Reserve to deviate from its ultra-expansionary monetary policy, as many millions of jobs are still missing. He also referred to the reduced number of hours worked on average, while hourly wages had increased.

Around two hours before the close of trading, the Dow gained 0.40 percent to 34,770.50 points, which is currently an increase of around one percent over the course of the week. The S&P 500 advanced 0.61 percent to 4,346.47 points on Friday and continued to build on its exceptionally strong half-year profit. Over the course of the week, there is currently an increase of 1.3 percent. The Nasdaq 100 Technology Selection Index rose by 0.91 percent to 14 692.37 points and thus by 2.4 percent over the course of the week.

Among the individual values, the shares of IBM sank with minus 4.5 percent to the end of the Dow. Investors reacted with sales to the surprising news that cloud manager Jim Whitehurst – formerly head of the software provider Red Hat, which was taken over by IBM – is giving up his position in the top management of the group and is only available in an advisory capacity. Analysts had given him an important role in the necessary renovation of the computer dinosaur.

The Boeing papers went down 0.7 percent, increasingly recovering from their more pronounced initial losses. After the forced landing of a Boeing 737 cargo plane off Hawaii, the FAA announced an investigation. According to preliminary information, both pilots, who were the only occupants on board, were rescued by the US Coast Guard.

Johnson & Johnson, meanwhile, gained 1.3 percent in the Dow. According to its own information, the corona vaccine from the pharmaceutical company stimulates a “strong and sustained” immune response against the particularly contagious Delta variant (B.1.617.2). Curevac, however, lost another 5.6 percent after almost 3 percent the previous day – the papers continued to suffer from disappointing final data on the effectiveness of their own corona vaccine.

Virgin Galactic gained almost 7 percent in very brisk trade, as the British billionaire Richard Branson announced that he wanted to fly into space on July 11th with the help of his space company.

Among the newcomers to the stock market, Krispy Kreme lost 9.2 percent to 19.07 US dollars. Spending at $ 17, the titles in the donut chain closed their first day of trading on Thursday at $ 21. The Chinese transport service provider Didi had a strong stock market start on Wednesday. Now the papers gave way before the weekend by 8.2 percent. Traders attributed this to the fact that the Chinese Internet regulator is reviewing the network security of the Uber competitor.

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