Wall Street ends up, the Nasdaq at a record

Live stream di Le Fonti TV 8/24/20
August 25, 2020
Live stream di Le Fonti TV 8/25/20
August 25, 2020

Wall Street ends up, the Nasdaq at a record

The New York Stock Exchange finished higher Thursday, pulled again by big names in the technology sector after the release of mixed indicators on the US economy.

Its flagship index, the Dow Jones Industrial Average, appreciated 0.17% to 27,739.73 points.

The Nasdaq, with strong technological coloring, took 1.06% to 11,264.95 points, a new level.

The extended S&P 500 index gained 0.32% to 3,385.51 points.

“Once again, the rise in the market is driven by the technology sector,” observes Peter Cardillo of Spartan Capital Securities.

Facebook has appreciated by 2.44%, Netflix by 2.76%, Alphabet, the parent company of Google, by 2.21% and Apple by 2.22%.

The indicators of the day were for their part mixed with in particular a rebound in weekly jobless claims last week in the United States, which went back above the million mark.

A total of 14.8 million people were receiving unemployment benefit during the week of August 2-8, with the data released one week later.

– Tesla above $ 2,000 –

Manufacturing activity in the Philadelphia region (northeastern United States) continued to grow in August, but at a slower pace than in June and July, according to a Fed index.

The Conference Board’s leading indicators index also grew in July for the third consecutive month, by 1.4%, but also at a slower pace than in May (3.1%) and June (3%) .

The American Central Bank (Fed) was Wednesday, in a document, shown particularly cautious on the health of the economy of the United States, estimating in particular that “the health crisis in progress (would weigh) heavily in the short term on the economic activity, employment and inflation “.

Even if the negotiations seem to be at a standstill, “the market is still hoping that we will have some kind of plan to support the economy, Democrats and Republicans seeming willing to find a compromise,” said Mr. Cardillo.

On the value front, Uber jumped 6.76% and Lyft by 5.76%. The two groups won a first victory over the status of independent drivers, a court having granted them a deadline to requalify their drivers as employees in California.

Tesla appreciated again sharply, 6.56% to $ 2,001.83 per share, finishing for the first time above the threshold of $ 2,000 per unit. Particularly popular with small shareholders, Tesla has seen its stock increase fivefold since its lowest level in March.

Cosmetics group Estée Lauder fell 6.70% after reporting large losses in the second quarter due to the drop in footfall to its stores during the pandemic. The group announced the elimination of 1,500 to 2,000 jobs as well as other cost-saving measures.

Semiconductor maker Nvidia gleaned 0.02% after reporting revenue up 50% year-on-year and earnings above expectations.

Intel, which announced the acceleration of a share buyback program to total $ 10 billion, took 1.74%.

American Airlines fell 1.42%. The airline has announced that it will stop serving 15 small airports from October, where traffic has fallen with the pandemic.

On the bond market, the 10-year rate on US debt fell around 8:35 p.m. GMT to 0.6525% against 0.6801% on Wednesday evening.