Wall Street got off to a stable start to a packed week. Investors are eagerly awaiting various quarterly figures from American companies and the Fed’s interest rate decision.
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(Photo: AP)
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Frankfurt, New York Despite disappointing economic data and weak corporate balance sheets, Wall Street is holding up. The US standard value index Dow Jones closed one percent higher on Thursday at 32,529 points. The tech-heavy Nasdaq advanced 1.1 percent to 12,162 points. The broad S&P 500 gained 1.2 percent to 4072 points.
The surprising decline in US economic output impacted investor sentiment. In the second quarter, it fell by 0.9 percent extrapolated for the year as a whole. “This means that the Anglo-Saxon rule of thumb for the existence of a recession has been fulfilled,” said LBBW analyst Dirk Chlench.
However, since the National Bureau of Economic Research, which is responsible for determining such a situation, is looking at the continued robust labor market, the official interpretation is that it is not yet ready. But that could change quickly.
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