Can Dow Jones (INDEXDJX: .DJI) keep its head above 25,000 points? It can if Nasdaq 100 keeps its head above 10K points – Idaho Reporter


Can Dow Jones (INDEXDJX: .DJI) keep its head above 25,000 points? It can if Nasdaq 100 keeps its head above 10K points

After the highest crash since March the previous day, Wall Street recovered slightly on Friday. The most important stock indexes closed on Friday after a nervous trading trend, in some cases clearly in positive territory. Ultimately, encouraging economic data created confidence: consumer confidence raised by the University of Michigan rose more than expected in June.

The leading US index Dow Jones Industrial Average (INDEXDJX: .DJI) rose 1.90 percent to 25,605.54 points, but still recorded a weekly loss of 5.55 percent. Because on Thursday the stock market barometer had slumped by almost 7 percent. A gloomy economic assessment by the US Federal Reserve and the fear of a second wave of corona had driven investors away.

The market-wide S&P 500 (INDEXSP: .INX) rose 1.31 percent on Friday to 3041.31 points. The technology-heavy Nasdaq 100 (INDEXNASDAQ: NDX) gained 0.79 percent to 9663.78 points.

The shares of the aircraft manufacturer Boeing (NYSE: BA) put themselves clearly at the top of the Dow with a plus of a good 11 percent, after they had dropped by almost 17 percent on Thursday.

Airline shares were also very popular with investors. United Airlines (NASDAQ: UAL) stock for example, they won first place in the Nasdaq 100 with an increase of 19.03%. Southwest Airlines (NYSE: LUV) shares also moved by more than 9 percent. The stock offers a good opportunity to benefit from a short-term recovery in demand for vacation trips, wrote analyst Jose Caiado of the Swiss bank Credit Suisse. With the industry’s best balance sheet, Southwest is likely to make an aggressive comeback.

Adobe’s share (NASDAQ: ADBE) certificates rose almost five percent after hitting a record high in the course of trading. The software manufacturer had mostly performed better in the second business quarter than forecast by experts. Jefferies analyst Brent Thill particularly praised the Digital Media division, which once again developed excellently.

Among the technology stocks, investors also grabbed Snap’s shares (NYSE: SNAP) to. The photo platform Snapchat opens up to services from other providers and thus follows the example of Chinese super apps such as Wechat, in which users can do most of their digital everyday life. The Snap stock grew by 2.38% but lost some of the value in after hours.

Tesla’s share certificates however, lost almost four percent. However, the papers had hit the $ 1000 mark for the first time on Wednesday. Critical analyst comments followed. Morgan Stanley expert Adam Jonas in particular is skeptical about the high market value that has doubled since the beginning of the year. Jonas referred to short-term demand and price risks, capital requirements and tech competition.

The sporting goods group Lululemon (NASDAQ: LULU), which specializes in yoga after all, despite good online business, the company reported a drop in sales and a significant drop in profits in the past quarter. The shares fell by almost four percent.

Oil prices stabilized like the stock market after oil also saw a dramatic drop in prices the previous day. The barrel of US light oil of the WTI grade fell by 0.2 percent to $ 36.26, while European reference oil of the Brent variety rose by 0.5 percent to $ 38.73. The WTI price fell by over 8 percent compared to the previous week. Dealers referred to the renewed increase in new infections in several US states. Concerns about new standstill measures combined with the bleak economic outlook would have prevented an oil price recovery, it said.

Share your thoughts

Theme by Anders Norén