Friday, 05/26/2023 22:38 from dpa-AFX
NEW YORK (dpa-AFX) – The US stock markets benefited on Friday from hopes of a breakthrough in the US debt dispute and started the weekend with significant gains. According to a report by the “New York Times”, the negotiators from Democrats and Republicans seem to be close to an agreement and have already started drafting a bill. Current economic data turned out better than expected overall.
The Dow Jones Industrial closed up 1.00 percent at 33,093.34 points. This resulted in a loss of one percent for the past week. The market-wide S&P 500 rose 1.30 percent on Friday to 4205.45 points. The Nasdaq 100 continued its previous day’s rally and ultimately gained 2.58 percent to 14,298.41 points. The technology-heavy index thus managed a weekly increase of 3.6 percent.
US durable goods orders rose in April while analysts had expected a fall. In addition, consumer spending increased surprisingly significantly in April. Furthermore, US consumer sentiment – as measured by the University of Michigan Index – did not deteriorate as much as feared in May.
On the company side, after the euphoria about the semiconductor group Nvidia from the previous day, Marvell Technology was now in focus. The chip developer, which published its figures for the first quarter after the US stock market closed the evening before, like Nvidia, also expects a strong increase in sales related to AI. The stock ultimately jumped more than 32 percent to its highest level in over a year. Other chip stocks such as Intel, NXP Semiconductors and Micron benefited from this and increased in price between 5.7 and 6.2 percent.
Automakers Ford and Tesla announced a partnership to charge electric vehicles. According to this, Ford electric cars should have access to more than 12,000 Tesla fast charging stations (Superchargers) in North America. In addition, future e-models from Ford are to adopt the Tesla connector. This would double the number of fast charging stations available for Ford electric cars. Ford shares soared 6.2 percent. Tesla shares gained 4.7 percent.
The papers from Costco Wholesales went up 4.3 percent according to figures from the wholesale chain. Bunge stocks rose 0.7 percent. According to informed circles, the agricultural trade joint venture Viterra, in which Glencore owns almost half, is negotiating a merger with its US competitor. This was reported by the Bloomberg news agency on Thursday.
The euro recovered somewhat in US trading from a two-month low seen in late European trading to trade at $1.0728. The European Central Bank set the reference rate at 1.0751 (Thursday: 1.0735) dollars. The dollar thus cost 0.9301 (0.9315) euros.
US government bonds fell slightly. The futures contract for ten-year bonds (T-Note Future) fell by 0.06 percent to 112.56 points. In return, the yield on ten-year paper rose to 3.79 percent./edh/men
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2023-05-26 20:38:00
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