NEW YORK (dpa-AFX) – On Wall Street, the Dow Jones Industrial recovered a little further from its recent losses on Friday. The technology stocks indices, which had risen sharply the day before, slide into the red in the course of trading. At the end of the week, investors avoided the growth stocks after the President of the Philadelphia Regional Federal Reserve (Fed), Patrick Harker, unsettled investors. Against the background of general inflation worries, the latter took the view that sooner rather than later the Fed should talk about reducing bond purchases to support the economy.
The US leading index, the Dow, ended up with an increase of 0.36 percent to 34,207.84 points. On a weekly basis, this means a minus of 0.51 percent. Concerns about the inflation and interest rate trend weighed heavily on the stock market barometer, especially on Wednesday.
The market-wide S&P 500 ultimately barely moved on Friday with minus 0.08 percent to 4155.86 points. The technology-heavy Nasdaq 100 lost 0.61 percent to 13,411.74 points.
The standard values, in turn, were supported this Friday by a recently brighter sentiment in the service sector. Credit Suisse said that the day before, better unemployment figures had given hope for a rapid recovery in the labor market and attracted buyers. In the short term, however, the experts do not expect a directional decision on the stock market. The fundamentals were optimistic, but technical market indicators suggest restraint. At the beginning of the previous week, the Dow had reached a record level of 35 091 points. On the Nasdaq 100 it was 14 073 points in April.
With a view to the Dow, Andreas Büchler, an expert at Index-Radar, added that the US benchmark index moves back and forth between two relatively closely spaced price zones in which demand or supply prevented further progress in the respective direction. Both the willingness to buy in the range between 33,300 and 33,500 points and the selling pressure, which can only be measured just above this at 35,100 points, had an impact on the price development.
At the top of the Dow, Boeing’s shares rose by a good three percent. Börsianer referred to a media report, according to which the aircraft manufacturer plans to increase the production of models of the problem type 737 Max faster than expected.
According to an analyst comment, AT & T’s papers rose by more than one percent. The exports John Hodulik from the bank UBS had praised the simplification of the group structure. This means that the telecommunications group can be better assessed, which in turn results in an attractive ratio of opportunities and risks for systems.
Oatly’s successful IPO had already attracted a lot of attention on Thursday. The papers of the Swedish oat milk company had ultimately gained almost 19 percent compared to the issue price. On the second day of trading, the rally continued with a plus of more than 11 percent.
The euro last cost 1.2186 US dollars and was burdened not only by the fresh US economic data, but also by statements by ECB President Christine Lagarde. It dampened expectations that the central bank could give signals at its next meeting in June that it would cut back on its massive bond purchases.
The futures contract for ten-year Treasuries (T-Note-Future) fell by 0.02 percent to 132.48 points. The yield on ten-year bonds was 1.63 percent./la/he
By Lutz Alexander, dpa-AFX
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