NEW YORK (dpa-AFX) – Glimmers of hope in the war in Ukraine triggered a recovery on the US stock exchanges on Wednesday. After four trading days with heavy losses, the Dow Jones Industrial (Dow Jones 30 Industrial) recently rose by 2.01 percent to 33,290 points. The significant fall in energy prices after their most recent record hunt also had a supportive effect on the price.
Investors see the planned meeting of the foreign ministers of Ukraine and Russia this Thursday in Antalya, Turkey, as a ray of hope. In addition, the government in Kyiv indicated that it no longer insists on immediate NATO membership and does not rule out the country’s neutrality – which would correspond to at least part of Russia’s demands.
In view of this development, the market-wide S&P 500 advanced by 2.51 percent to 4275 points. The technology-heavy NASDAQ 100 rose even more strongly by 3.25 percent to 13,699 points.
According to a report by the Tass agency, the Russian Foreign Ministry emphasized that Russia is not seeking a change of power in Ukraine. The goal is “neither the occupation of Ukraine nor the destruction of its statehood nor the overthrow of the current leadership”. This had sounded different in earlier statements by the Kremlin.
Although Wall Street has been significantly less affected than, for example, the European stock exchanges since the beginning of the conflict, the losses there are now adding up. On Wednesday, the situation on the commodity markets eased noticeably, the price for a barrel of the important US variety WTI fell by more than eleven percent.
Despite possible bargains in shares, many market experts warn against exaggerated hopes. “Without a de-escalation of the Russia-Ukraine conflict, it could still be difficult for the stock markets to find a bottom,” fears Barclays expert Emmanuel Cau. And Jürgen Molnar from Robomarkets points out that even if the bloody conflict ends, the geopolitical and economic tensions between Russia and the West will not be eliminated. “What is likely to remain are the consequences of rising energy and commodity prices for inflation, monetary policy and economic growth. Not to forget the upheavals in the financial system should Russia actually slide into bankruptcy.”
The possible improvement in the situation resulted in strong sector rotations on the stock markets. The losers of the recent crisis were now sought and the profiteers were avoided. For example, prices in the energy sector came under pressure. Chevron, ExxonMobil and ConocoPhillips fell 3 to 6 percent. The papers of suppliers and service providers such as Halliburton and Schlumberger fell even more.
The main beneficiaries of the new development were shares in the travel and leisure industry. The shares of the online travel portal Booking gained nine percent and the shares of the online travel agency Trip.com five percent. Shares in the world’s largest cruise line, Carnival, shot up 10 percent. The papers of the airlines American Airlines, United Airlines and Jetblue increased by up to 9.5 percent.
Nike shares (Nike) were among the biggest gainers in the Dow with a plus of five percent. They were driven upwards by the optimistic forecasts by counterparty adidas for the current year./bek/he
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