Indices in this article
NEW YORK (dpa-AFX) – US economic data, which were received positively, fired the record hunt on Wall Street on Thursday. Both the most important technology stock indices and the S&P 500, which tracks the broader market, rose and reached historic highs. The US benchmark index Dow Jones Industrial (Dow Jones 30 Industrial) also posted gains, but is still a bit short of the record it reached at the beginning of May.
The Dow recently rose 0.83 percent to 34,155.54 points. For the S&P 500 it went up by 0.68 percent to 4270.55 points. The technology-heavy NASDAQ 100 rose 0.99 percent to 14,415.03 points. The broader Nasdaq Composite (NASDAQ Composite Index) gained 0.92 percent.
The weekly initial jobless claims fell less than forecasted by economists, and orders for durable goods rose less than expected in May. Nevertheless, the data showed that the economic recovery in the USA is continuing, wrote the experts at Landesbank Helaba.
With regard to the policy of the US Federal Reserve, the current economic news will not encourage speculation about a turnaround in interest rates, continued the Helaba experts. Recently, the sharp rise in inflation in the US had given rise to fears that interest rates could rise faster than expected and thus make equities appear in a worse light than bonds.
Of the S&P 500 top, the papers of Eli Lilly (Eli Lilly and) are the largest with an increase of almost ten percent recently. The shares had previously reached a record high. With its Alzheimer’s drug Donanemab, the pharmaceutical company is a decisive step further on the way to market approval. The US drug regulatory authority FDA granted the drug the status of “Breakthrough Therapy”, which means an accelerated approval is possible. This status is usually given to drugs for severe or life-threatening illnesses that show a significant improvement over the available therapies.
It was only at the beginning of June that the FDA approved the US company Biogen for its novel Alzheimer’s drug aducanumab, despite its controversial effectiveness. It was the first approval for an Alzheimer’s active ingredient since 2003. On this Thursday, however, in contrast to the Eli Lilly shares, the shares of Biogen, bottom of the S&P 500, dropped by around four percent.
In view of the imminent US trade restrictions against some Chinese solar companies, the shares of the US solar company First Solar soared by around seven percent. The US government is ready to impose import bans on some solar raw materials produced in China’s Xinjiang region in order to take action against the alleged oppression of the Uyghur people, especially in this region, reported the Bloomberg news agency.
The online trading platform eBay is continuing its streamlining program: the group is parting with the majority of its Korean business and wants to sell its stake in the local provider Emart. After a subdued start, Ebay’s papers rose by one and a half percent./la/eas
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