Dow Jones Industrial Average (INDEXDJX: .DJI) headed for a strong Friday – Idaho Reporter

INDEXDJX: .DJI

Dow Jones Industrial Average (INDEXDJX: .DJI) headed for a strong Friday

The disappointment about the lack of stimuli from US monetary policy reverberated on Wall Street on Thursday but it is expected to see a much better Friday on the U.S. stock exchange. The standard values ​​fell slightly and the cyclically sensitive tech stocks quite sharply. In view of the corona crisis, the central bank apparently wants to leave the key rate at the zero line for years, as it had already announced on Wednesday. But this had already been expected, and some investors apparently hoped that there was hardly any further good news.

The leading US index Dow Jones Industrial Average (INDEXDJX: .DJI) had only briefly made the leap into positive territory in a nervous trade and finally fell by 0.47 percent to 27,901.98 points.

The market-wide S&P 500 lost 0.84 percent on Thursday to 3357.01 points. For the tech-heavy Nasdaq 100 it went down 1.48 percent to 11,080.95 points.

Federal Reserve Chairman Jerome Powell had also reiterated his view that the state should expand its financial support in the corona and economic crisis. Analyst Jochen Stanzl from trading house CMC Markets now sees this as a burden for the stock markets: “Many investors were amazed when the Fed handed over responsibility for fiscal policy yesterday and called for much bigger economic stimulus programs than those already passed”. The central bank is thus playing the ball back to the US government in monetary policy. Before the presidential election in November, however, they are engaged in a trench warfare with the Democrats over the form and size of the next economic stimulus package.

The latest US economic data also caused reluctance on Thursday. The real estate market seems to have unexpectedly suffered a slight setback in August. After a significant recovery from the Corona crisis in the previous months, both the start of construction and building permits fell.

In the Dow, the shares of the investment bank Goldman Sachs held the red lantern with a minus of around 3 percent. The shares in the software company Salesforcelost 2.4 percent. However, they only reached a record high in early September.

The Biontech shares listed in New York meanwhile increased by a good 1 percent. The Mainz biotech company is pressing ahead with preparations for mass production of a possible corona vaccine after it has been approved for the market. For this purpose, it wants from the Swiss pharmaceutical company Novartis take over his plant in Marburg.

In contrast, the shares of Snowflake paid with a minus of more than ten percent the price fireworks when yesterday jumped on the trading floor a little tribute. The price of the software specialist had more than doubled on its first day of trading on the New York Stock Exchange. The company previously raised $ 3.36 billion and was valued at more than $ 30 billion in total. Snowflake thus achieved the biggest premiere of the year on the US stock market to date.

Ericsson has announced that it has reached an agreement to acquire Cradlepoint for $ 1.1 billion to expand its presence in the 5G Enterprise space. America’s Wireless Edge WAN 4G and 5G Enterprise will become fully owned by Ericsson, based in Boise, Idaho. The transaction is expected to close in the fourth quarter of 2020.

Friday gainers could be MRNA, KODK, TSLA and ERIC.

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