NEW YORK (dpa-AFX) – Despite the ongoing uncertainty about the outcome of the US presidential election, the US stock markets continued their recovery on Thursday. Fresh economic data had just as little influence on the quotations as the results of the US Federal Reserve meeting. As expected, the Fed left key rates unchanged.
The Dow Jones Industrial (Dow Jones 30 Industrial) closed with an increase of 1.95 percent at 28,390.18 points. The plus this week now adds up to around 7 percent, which means that the leading index more than made up for its 6.5 percent loss from the previous week. The market-wide S&P 500 gained 1.95 percent on Thursday to 3510.45 points. The NASDAQ 100 advanced 2.56 percent to 12,078.07 points.
Even two days after the election in the United States, it was not decided who would rule the White House for the next four years. Republican incumbent Donald Trump spoke up on Thursday with impatient tweets and spoke again of fraud, without any evidence. Meanwhile, according to media reports, a judge in the US state of Michigan has dismissed a lawsuit by Trump’s campaign team against the vote count. The Democratic challenger Joe Biden urged patience and continued to be optimistic about getting the necessary majority of 270 votes in the electoral assembly. In addition, Biden still lacked a majority in one of the states that had not yet been decided.
Analyst Jochen Stanzl from CMC Markets was amazed at the continuing wave of buying on the stock exchanges. Instead of remaining passive in the face of uncertainty, “investors around the globe are buying stocks as if the next economic boom was just around the corner or the coronavirus had finally been defeated. Investors hoped for a more moderate course in American politics with positive effects for them Global economy. “Should Donald Trump win, he would not be able to govern because the Republicans would have to deal with a blockade in the democratically run House of Representatives. If Biden wins, he is likely to fail with larger projects such as a tax reform in the Senate, which is still determined by the Republic, “said Stanzl.
The productivity of the US economy rose less than forecast in the third quarter. The ratio of production and working time increased by 4.9 percent over the year. Analysts had expected an average increase of 5.6 percent. Last week, the number of initial jobless claims was 751,000, around 7,000 fewer than in the previous week. Experts had only expected 735,000 new applications.
The titles listed in New York by the Chinese Amazon rival Alibaba lost 2.7 percent. The online retailer was able to recover significantly from the temporary consequences of the corona crisis in the third quarter. But in the hustle and bustle of the failed IPO of the financial offshoot Ant Group, a report in the Financial Times, according to which the IPO is likely to be delayed by at least half a year, created a minor mood.
Meanwhile, QUALCOMM’s shares jumped 12.8 percent thanks to strong quarterly figures. In the past quarter, the chip company profited strongly from the emerging business with super-fast 5G mobile communications. Qualcomm is, among other things, the most important supplier of 5G radio modems – and was able to secure a place in Apple’s new iPhones, although the companies were involved in a patent dispute for a long time.
The carmaker General Motors (GM) is recovering from the corona shock faster than expected thanks to booming SUV and pick-up sales: It made excellent earnings again in the third quarter. The shares rose 5.4 percent.
Merck & Co (Merck) fell 0.2 percent, bringing up the rear in the Dow. The pharmaceutical company is expanding its cancer business by buying the unlisted biotech company Velosbio for $ 2.75 billion.
The euro held above the mark of 1.18 US dollars in US trading and was most recently quoted at 1.1827 dollars. The European Central Bank (ECB) had set the reference rate at 1.1855 (Wednesday: 1.1721) dollars. The dollar had thus cost 0.8435 (0.8532) euros. On the bond market, the futures contract for ten-year Treasuries (T-Note-Future) rose by 0.01 percent to 138.96 points. The yield on the ten-year bond was 0.77 percent./edh/he
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