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New York equities: New strong upside attempt – Omikron remains in focus

NEW YORK (dpa-AFX) – The US stock exchanges dared to attempt a new recovery on Thursday. The heavy losses of the past two trading days have now been followed by significant gains. The volatile trade continues.

The Dow Jones Industrial (Dow Jones 30 Industrial) rose 1.97 percent to 34,690.92 points around two hours before the close of trading. The day before, the US stock market barometer had dropped to an eight-week low and is now around five percent away from the record high at the beginning of November. The market-wide S&P 500 advanced 1.62 percent to 4586.24 points on Thursday. On the Nasdaq, after an up and down for the selection index 100 (NASDAQ 100), it last rose 0.79 percent to 16,002.91 points.

In the middle of the week, the first case of infection with the Omikron virus variant in the USA ended a recovery attempt on the ailing US stock exchanges. The downward trend was particularly strong, especially in the last one and a half hours of trading.

“Investors find it difficult to assess the economic consequences of Omikron because the data situation is insufficient,” wrote UBS chief strategist Mark Haefele. Investors apparently expected further turbulence on the stock markets. JPMorgan analyst Marko Kolanovic argued: According to initial reports, the Omikron variant could be less deadly than its predecessor. This would correspond to findings from the development of viruses in the past. An end to the pandemic could be in sight and high-risk investments such as stocks could benefit from it.

Among the individual values ​​on Wall Street, Boeing were among the favorites with a plus of 5.0 percent. The aircraft manufacturer made important progress with the intended re-registration of its crisis jet 737 Max in China. The local aviation authority CAAC issued a directive to airlines to regulate the final steps before restarting. This paved the way for Boeing’s medium-haul jet to take off again. After two crashes with 346 deaths, the 737 Max had been banned from flying in the important foreign market of China for almost three years.

Salesforce (Salesforce) rose 3.2 percent in the Dow. However, the day before, the software manufacturer’s share fell by almost 12 percent in view of a slightly more gloomy than expected outlook for the fourth quarter and also the first fiscal quarter of 2023. For Barclays analyst Raimo Lenschow, investor concerns about Salesforce’s business have been exaggerated.

At the bottom of the important Wall Street Index were Apple’s shares with minus 1.1 percent. The company had informed suppliers about weakening demand for the iPhone13, reported the Bloomberg news agency the previous evening, citing people familiar with the matter. Since the supply of new iPhones is scarce because of the problems in the supply chain, consumers have apparently decided against buying the actually coveted device. This report weighed on sentiment across the tech sector, which underperformed accordingly.

Shares in General Motors, which had raised its operating profit target for this year the day before, were up 4.2 percent in the S&P 100. The day before, after this news, the shares of the largest US automaker had been able to hold their own against the weak overall market trend, but the plus was quite small at 0.3 percent.

The focus was also on an IPO: the Singapore-based transport and food delivery company Grab, which was merged with the listed investment vehicle Altimeter Growth, a so-called Special Purpose Acquisition Company (SPAC), debuted on the Nasdaq. But after the first rate was still at $ 13.06 and it quickly went up to $ 13.29 – an increase of almost 21 percent, the paper finally fell to $ 8.45./ck/mis

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Reference-www.finanzen.at

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