The shares of the large technology companies such as Amazon, Apple or Facebook have been doing well for years, and in the corona pandemic they are proving to be crisis-proof values. They push the US indices noticeably at the end of the week.
Led by tech stocks, the record hunt on Wall Street continued towards the end of the week. Investors continued to bet on the sector, which is considered the winner of the coronavirus pandemic. The Nasdaq Composite again marked a record high, and the S&P 500 also climbed to a new record high. The Dow benefited from the rise in Apple shares, which advanced 5.2 percent and reached a record high over the course of the year. The technology sector in the S&P 500 gained 4.2 percent.
Sentiment was also supported by better-than-expected US purchasing managers' indices for August. The service PMI at 54.8 remained well above the forecast of 51, while the index for the manufacturing sector at 53.6 was also above the expectation of 51.5. Existing home sales in July even climbed to their highest level since December 2006.
Of the Dow Jones Index gained 0.7 percent to 27,930 points. Of the S&P 500 improved by 0.3 percent to 3,397 points. Of the Nasdaq composite rose 0.4 percent to 11,312 points. At Nyse there were 960 (Thursday: 1,189) course winners and 2,044 (1,800) losers. 63 (90) titles closed unchanged.
Also in US-China trade dispute there is a little glimmer of hope. After the negotiations planned for August 15 were canceled at short notice, the Chinese Ministry of Commerce announced that representatives from both sides would be calling each other "soon".
Deere and Foot Locker convince with quarterly figures
Among the individual stocks, the stocks benefited from Deere of the numbers for the third quarter. These were well above the market's expectations. However, the outlook for the agricultural machinery manufacturer for the fourth quarter was very cautious. The share rose 4.4 percent.
Also the sports shoe chain Foot locker convinced with their business figures. On an adjusted basis, net income and sales were above expectations, which was rewarded with a price increase of 1.4 percent.
Weak purchasing manager indices weigh on the euro
Disappointing Purchasing manager indices from Germany, France and the euro zone pushed the euro below the $ 1.18 mark. The common currency was recently clearly on the upswing against the dollar and had cost just over 1.19 dollars in the middle of the week because participants had counted on a stronger economic recovery in Europe than in the USA. Now doubts were voiced in the trade as to whether this assumption was not premature. The euro was trading at $ 1.1795 in late US trade. The dollar index rose by 0.5 percent.
That was also evident with levies lb despite strong data on activity in both manufacturing and service sectors in the UK. British retail data was also convincing. In late US business, the pound was just below $ 1.31 after a daily high of $ 1.3256. According to market observers, the faltering Brexit talks between Great Britain and the EU contrast with an upward trend.
The Oil prices recorded discounts. In addition to the stronger dollar, participants also referred to the continuing economic concerns. These were underpinned by the weak purchasing manager indices from the euro zone. The price of a barrel of the US grade WTI fell 1.3 percent to $ 42.27. Brent fell 1.4 percent to $ 44.28.
Also the Gold price suffered from the stronger dollar and posted taxes for the third trading day in a row. The fundamentals and political developments would continue to speak for a rising gold price, according to one participant. The price of the troy ounce was reduced by 0.5 percent to $ 1,938.
. (tagsToTranslate) Stock trading