NEW YORK (dpa-AFX) – Wall Street expanded its previous day’s profits on the day of the eagerly awaited US presidential election. The market is showing the first signs of recovery after its massive loss the previous week, but the fluctuation intensity should remain high, suspects Andreas Büchler from the stock market statistics magazine Index Radar.
The Dow Jones Industrial (Dow Jones 30 Industrial) traded 2.27 percent higher on Tuesday at 27,536.37 points, after having gained 1.6 percent at the start of the week. The market-wide S&P 500 gained 2.15 percent to 3381.46 points. The NASDAQ 100 advanced 2.13 percent to 11,320.86 points.
According to analyst Michael Hewson from trading house CMC Markets, a clear election result in the US would be the ideal scenario for the markets. Given the polls, that would be a so-called “blue wave” – that is, the conquest of the presidency and the Senate by the Democrats. Then investors could hope for measures to stimulate the economy and investment in the first half of 2021. However, technology companies would then have to adjust to stronger regulation of their businesses and higher taxes.
The first polling stations have opened in the USA. president Donald Trump ranks behind Democratic challenger Joe Biden in polls both nationwide and in several swing states. His re-election is not excluded. Because of the electoral system, the candidate with the most votes from the population can also lose if he does not unite enough voters. Before the election, Trump did not promise whether he would accept the result.
Among the individual stocks, the focus was on PayPal shares. In the Corona crisis, the online payment service continues to benefit from the trend towards online shopping and its quarterly figures exceeded analysts’ expectations. Investors, however, cashed in on the shares that had already performed very well this year, so that the shares fell by 2.9 percent and ranked at the bottom of the Nasdaq 100 index.
Nutrien (Nutrien (Ex Potash Agrium)) is optimistic about further business growth. The bottom line, however, was that the fertilizer company made a loss due to high depreciation in the phosphate business. According to analyst Adam Samuelson of the bank Goldman Sachs, the adjusted operating result was also disappointing because of the weaker business with nitrogen and phosphates. Nutrien’s papers lost more than 6 percent.
The record IPO of the Chinese Alibaba offshoot (Alibaba) Ant Group has been postponed indefinitely. The debuts in Shanghai and Hong Kong have been suspended, Ant announced on Tuesday. The IPO (Initial Public Offering) was originally planned for this Thursday. The reasons for the short-term postponement were initially unclear. The financial arm of the world’s largest Chinese online trading platform wanted to bring in around 34.5 billion US dollars with the record IPO. The Alibaba papers sagged 5.9 percent.
The Bristol-Myers Squibb shares went up by 3.5 percent. The pharmaceutical company presented positive study data on a drug for the treatment of psoriasis./edh/he
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