Is Dow Jones Industrial Average (INDEXDJX: .DJI) going down after Thanksgiving? – Idaho Reporter


Is Dow Jones Industrial Average (INDEXDJX: .DJI) going down after Thanksgiving?

The US stock exchanges paid some tribute to their price rally since the beginning of November on Wednesday, before Thanksgiving holiday. The leading index Dow Jones Industrial Average (INDEXDJX:.DJI) Index lost 0.58 percent to 29,872.47 points in the end, after breaking the 30,000 point mark for the first time the day before and even climbing over 30,100 points at times.

For the market-wide S&P 500 (INDEXSP: .INX) , which was only a few points short of a record on Tuesday, fell 0.16 percent to 3,629.65 points. In contrast, the technology-heavy Nasdaq (INDEXNASDAQ: .IXIC), which has recently been weakening more frequently, made it to 100 an increase of 0.60 percent to 12.094,40 points.

Thanksgiving (Thursday), is also likely to be responsible for the reluctance among investors – and on Friday it will close its doors earlier than usual. That is why many stockbrokers use the public holiday for a long weekend. Investors mostly keep a low profile beforehand.

A whole flood of mixed economic data gave the market just as little directional impulses as the minutes of the latest interest rate meeting of the US Federal Reserve. The fact that the Dow has risen by a good 13 percent or more than 3500 points since the beginning of the month alone speaks in favor of profit-taking. This is mainly thanks to good news about corona vaccines.

Among the individual values, the office communications service Slack stood out in the middle of the week out, whose shares shot up almost 40% thanks to takeover fantasies by Salesforce (NYSE:CRM) which in turn lost more than 5% on this news. The “Wall Street Journal” reported on discussions between Slack and the software manufacturer Salesforce, citing insiders, whose shares lost almost five and a half percent.

Neither company commented on the report that said Salesforce would pay Slack a price above its recent stock market valuation of around $17 billion if it were acquired.

For Moderna shares the price went up by almost eleven percent to a record high and it will probably continue the rally on Friday. The company may want to start delivering its corona vaccine to the European Union as early as December – provided the drug receives approval. Looking at the numbers of newly discovered COVID-19 cases I am sure EU will push for the fast approval.

The shareholders of the electric and fuel cell car developer Nikola had to cope with a price slide of over twelve percent. CEO Mark Russell was apparently unable to allay investor concerns that automaker General Motors(GM) could withdraw from the originally planned entry – GM shares fell by more than two percent. In addition, some investors fear that the company’s founder and former boss Trevor Milton could sell off part of his extensive block of Nikola shares. This will push NKLA stock further down on Friday.

Otherwise, business figures in particular caused movement. Gap (NYSE:GPS) sharers plunged nearly 20 percent according to the quarterly report. The clothing retailer’s sales were better than expected. But the sharp rise in marketing and sales costs resulted in a disappointing earnings trend. In addition, the value of the share has quadrupled in the past seven months. I do not expect a significant fall for GPS shares, but anything below $17 would be a bargain.

Deere stocks lost nearly two percent regardless of a good outlook. The agricultural machinery manufacturer was optimistic about the coming year. However, the share has already risen by 50 percent since the beginning of the year.

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