NEW YORK (dpa-AFX) – On Wall Street, at the end of an eventful week, investors did not dare to make any big leaps. The most important stock indices moved little on Friday. After the leading index Dow Jones Industrial (Dow Jones 30 Industrial) suffered significantly from worries about the Chinese real estate giant Evergrande on Monday, the US Federal Reserve (Fed) provided relief on Wednesday. The Fed is sticking to its very loose monetary policy for the time being. The Dow thus made a gain of 0.62 percent on a weekly basis.
Probably the world’s best-known stock market barometer went out of trading on Friday by just 0.10 percent at 34,798.00 points, after it had recorded strong increases on the two previous days. The broader S&P 500 rose by 0.15 percent to 4455.48 points at the end of the week. The tech-heavy NASDAQ 100 advanced 0.09 percent to 15,329.68 points.
Stock exchange traders justified the rather cautious actions of investors at the end of the week, among other things with a warning from the Chinese central bank, which had again expressed its criticism of crypto currencies. All transactions are illegal, the People’s Bank of China found. In addition, reference was made to the ongoing uncertainty surrounding the Chinese real estate giant Evergrande. He is still struggling with payment problems.
Among the individual stocks, the shares of Nike sagged by more than six percent and were clearly the bottom of the Dow. The sporting goods company is being slowed down by the month-long closure of its Vietnamese factories due to corona measures. In view of the difficulties, Nike lowered its sales forecast for the full fiscal year.
The world’s largest fast food group McDonald’s (McDonalds) is resuming the share buyback that was suspended in spring 2020. In addition, the quarterly dividend will be increased somewhat more clearly than previously forecast by analysts. Like many other corporations affected by the Covid 19 pandemic, the company held the money together and suspended the share buyback in spring 2020. The McDonald’s papers rose 0.7 percent.
Among the biggest winners in the S&P 500, the shares in Costco Wholesale rose by a good three percent. The wholesaler’s earnings figures for the fourth fiscal quarter exceeded market expectations.
US Treasuries suffered from the current efforts of major central banks to say goodbye to their extremely loose monetary policy. The futures contract for ten-year paper (T-Note-Future) fell by 0.24 percent to 132.06 points. The yield on ten-year paper was 1.46 percent.
The euro was weighed down by weak economic data from Germany and last cost 1.1721 US dollars. The Ifo business climate fell for the third time in a row in September, which experts usually interpret as an economic turning point. The European Central Bank set the reference rate at 1.1719 (Thursday: 1.1715) dollars. The dollar cost 0.8533 (0.8536) euros./la/jha/
— By Lutz Alexander, dpa-AFX —
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