After the most recent setback, the US stock exchanges continued their recovery rally in July on Wednesday. Optimistic economic data from the world's largest economy gave impetus.
The Dow Jones Industrial increased by 1.29 percent to 32,812.50 points. However, the best-known Wall Street index could not quite make up for its losses since the beginning of the month.
The situation was different for the market-wide S
In the previous two days, the US indices had weakened after an unusually strong month of July. While they were still quite stable on Monday, things went down more clearly on Tuesday. Threats from China over the visit of US House Speaker Nancy Pelosi to Taiwan and comments from regional Federal Reserve Governors on the subject of inflation weighed heavily.
Investors were now interested in new data on economic development in the United States. Sentiment in the US service sector improved surprisingly in July. In addition, ISM Services is also clearly in the growth area. "There are no indications of a contraction in the sector and against this background growth worries should tend to diminish," said Helaba economist Ulrich Wortberg. The orders received for US industry in June were also published. Compared to the month of May, they rose far more strongly than forecast.
On the company side, the focus in the middle of the week was primarily on companies listed on the Nasdaq, where they held top positions: Moderna was the biggest winner with a plus of 16 percent. Regeneron jumped nearly six percent. The biotech company Moderna continued to benefit from its corona vaccine in the past quarter and also announced a share buyback program. Regeneron surprised positively on the sales side thanks to its blockbuster drugs Dupixent and Eylea.
Paypal up despite slump in profits
Paypal shares shot up 9.3 percent on the Nasdaq 100, even as the payments service reported a slump in second-quarter earnings. This was mainly due to special factors such as higher taxes - day-to-day business went relatively smoothly. Investors also welcomed the news that investor Elliott, known for his insistence on high yields and his involvement in management, is one of the largest shareholders with a stake worth around two billion dollars.
Starbucks, also included in the Nasdaq 100, gained 4.3 percent. The coffee house chain significantly increased sales in the past quarter despite burdens in China. Also, while profits were down, they still exceeded expectations.
In contrast, AMD's shares, one of the biggest losers in the Nasdaq selection index, lost 1.2 percent. The chip company disappointed with its sales forecast for the current third quarter. The Tinder app parent Match Group dropped by 17.0 percent after the outlook for the current third quarter had disappointed.
in the s
The euro was trading at $1.0169 at the close on Wall Street. The European Central Bank previously set the reference rate in Frankfurt at 1.0194 (Tuesday: 1.0224) dollars. The dollar thus cost 0.9810 (0.9781) euros.
On the US bond market, government bonds turned positive after a weaker trend. The futures contract for ten-year Treasuries (T-Note Future) rose by 0.25 percent to 120.42 points. The yield on ten-year government bonds fell to 2.71 percent.
