New York Stocks: S&P 500 hits record high

NEW YORK (dpa-AFX) – Wall Street was in a good mood at the end of the week. The S&P 500, which represents the broad market reached another record high on Friday, benefiting from a rapid rise in the price of Nike shares. The sporting goods manufacturer had presented surprisingly strong quarterly figures.

The S&P 500 recently gained 0.20 percent to 4275.11 points. The leading US index, the Dow Jones Industrial rose by 0.57 percent to 34 392.13 points. On a weekly basis, this indicates a plus of a good 3 percent.

For the tech-heavy Nasdaq 100 it went down minimally to 14 357.12 points on Friday. He had achieved a record the day before.

Nike is benefiting greatly from the end of many corona restrictions in the USA. After the sporting goods manufacturer ended the last quarter with an unexpectedly strong result, the top management is also optimistic in the medium term. The shares soared to a record high and most recently rose by almost 14 percent as the undisputed favorite in the Dow.

On the other hand, the shares of Fedex sagged as the clear bottom in the S&P 500 by around five percent. There was positive feedback for the figures presented by the logistics company for the fourth quarter of the financial year, but traders found the outlook for the new financial year to be a burden, which, according to a stockbroker, failed to meet expectations due to higher wage costs and lower than expected productivity.

Tesla shares rose by just under one percent. The Japanese electronics company Panasonic had cashed in its multi-billion dollar stake in the electric car maker and battery partner. The partnership with Tesla will remain in place. The companies jointly operate Tesla’s battery gigafactory in the US state of Nevada.

Virgin Galactic’s papers shot skyward by more than 31 percent. As the space company reported, the US aviation authority has updated its cargo license for commercial space travel. This enables Virgin Galactic to fly customers into space.

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