NEW YORK (dpa-AFX) – The Wall Street Index Dow Jones Industrial (Dow Jones 30 Industrial) continued to slide on Wednesday. It fell below the 27,000 mark. The technology-heavy Nasdaq stock exchanges, which rose in a countermovement on Tuesday, were also caught in the downward pull.
The worsening corona crisis is causing growing fears among investors, especially because of looming lockdowns in Europe. There could be no question of panic, but the nervousness is increasing significantly, said analyst Milan Cutkovic from trading house Axi about the downturns in the markets in Europe and the USA. According to BayernLB’s chief economist Jürgen Michels, there is still uncertainty about the approaching US elections. A stuck game in the election result is seen as another significant risk.
In early trading, the Dow fell 2.56 percent to 26,761.47 points, accelerating its slide from the start of trading a little. Since Friday, the leading index has now lost a total of 5.7 percent. The market-wide S&P 500 lost 2.63 percent to 3301.62 points in the middle of the week. The NASDAQ 100 fell 2.88 percent to 11,264.56 points.
The company received mixed news on Wednesday. The stock of Microsoft lost 3.7 percent as one of the weakest values in the Dow. The software company announced a jump in profits in its first quarter of fiscal year, but there were critical voices about the outlook. Bernstein analyst Mark Moerdler said that it was “cautious”. Investors apparently had hoped for a little more.
The aircraft manufacturer Boeing remained badly affected by the virus crisis and the problem plane 737 Max. However, it was not as deep in the red in the third quarter as feared. The papers gave way by 2.4 percent.
A candidate with clearly positive investor feedback was General Electric with a price jump of 8.5 percent. On a reported basis, there was another billion-dollar loss in the third quarter, but with its adjusted earnings per share, the conglomerate surprisingly made it into the black. There was also positive market opinion on the inflow of funds.
UPS (United Parcel Service) lost 5.7 percent, although the logistics group, as the winner of the Corona crisis, continued to benefit from the parcel boom in the third quarter. However, the stock only climbed to a record high a week ago. So it was now “Sell on good news” ./ ck / he
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