Economic data disappoint: Wall Street is recovering despite corona worries

Corona and economic worries are also affecting the US stock exchanges. Fearing a setback for the US economy, investors are pulling out of the local stock market. However, the stock exchanges overseas are holding up much braver compared to Europe.

The corona-related decline on the European stock exchanges also has the Wall street burdened. This lock the third day in a row in the minus. The main topic was the second corona wave, which was again sharpened in awareness, especially due to new restrictions in Europe. But the US stock exchanges held up significantly braver than their European counterparts and recovered clearly from the daily lows. That investors, unlike in Europe, continue the Card economic recovery played, could be read from the Dow Jones transport index, which climbed to another record high. The conversations came over a US stimulus package Hardly any progress, but statements from politics about the will to want to reach an agreement supported the US stock exchanges in late business.

In the race for the US presidency, challenger Joe Biden currently has a comfortable survey lead of 11 percentage points. This fact takes some uncertainty before the elections from the market, it said. Of the Dow Jones index lost 0.1 percent to 28,494 points a, S&P 500 and Nasdaq Composite were down 0.2 and 0.5 percent, respectively. A study by Goldman Sachs pushed the Nasdaq indices somewhat more clearly into the red. The analysts downgraded technology stocks to "neutral". At Nyse there were 1,673 (Wednesday: 1,251) price winners versus 1,373 (1,809) losers. 77 (73) titles closed unchanged.

"It was only a matter of time before investors did sharp increase in the number of infections and new restrictions everywhere in Europe could no longer ignore ", explained market analyst Milan Cutkovic from Axi. The fruitless back and forth in the negotiations about an economic stimulus package continued. Especially on the last topic, the market view has changed from" a lot of optimism "to" a lot of pessimism, "as market strategist Jim McCormick of Natwest Markets said. New US data showed, at least in part, that help would be welcome: weekly job data were weaker than expected, as was the Empire State index of business activity in the greater New area York After all, a strong Philly Fed index surprised on the positive side.

Delivered important company figures Walgreens Boots Alliance and Morgan Stanley. Walgreens rose 4.8 percent after the pharmaceuticals retailer did better than expected in its fourth fiscal quarter. Morgan Stanley had increased its profits significantly in the third quarter despite the Corona crisis. Overall, the bank performed significantly better than analysts predicted. The share gained 1.3 percent.

Alcoa was able to reduce the quarterly minus, but was still in the red. The Aluminum Verhütter also warned that headwinds must be expected on the cost side in the fourth quarter, which should have a negative impact on earnings. The stock hurtled 5.4 percent down.

United Airlines fell by 3.8 percent. The airline had reported a collapse in business and reported a net loss of $ 1.8 billion. Sales were 78 percent lower than in the same period last year at $ 2.5 billion. Nevertheless, United Airlines was optimistic. Vertex Pharmaceuticals slumped 20.7 percent. The biopharmaceutical company had discontinued a clinical study with the drug candidate VX-814.

He played on the foreign exchange market dollar its status as a safe haven, the ICE dollar index climbed 0.4 percent. The euro struggled with the mark of $ 1.17. The gold price rose despite the dollar premium and was back above the 1,900 mark. Recently, the troy ounce rose 0.3 percent to $ 1,907. Similar to the dollar, traders spoke of purchases due to the need for security due to the corona crisis in Europe.

Of the Oil price suffered from corona worries. If there are new closures and economic restrictions, the demand for oil is likely to suffer – it is already weak due to the recession. Crude oil prices were supported by US inventories, which had fallen more than expected. Following the data, prices recovered significantly. The barrel of the US variety WTI became cheaper by 0.2 percent $ 40.96, for North Sea Oil the Brent variety it goes down 0.4 percent $ 43.16.

Bonds initially benefited from the economic uncertainty. Finance minister Steven Mnuchin saw little chance of an economic stimulus package being passed before the elections. In late business, the prices turned slightly into the red with the recovering stock market. The ten year return gained 0.2 basis points to 0.73 percent.