D.he joy at the now clear conditions in Washington fueled the record rally on Wall Street. All major standard and technology indices reached highs on Thursday. A fresh boost came from unexpectedly good economic data. In contrast to the previous day, however, investors now mainly bought tech stocks, which could particularly benefit from the expected economic recovery. In the middle of the week, investors had avoided these values for fear of stricter regulations.
The American leading index Dow Jones Industrial rose by 0.69 percent to 31,041.13 points after reaching a record high at a good 31,193 points during trading. For the market-wide S&P 500, it ended up 1.48 percent to 3803.79 points. The technology-heavy Nasdaq 100 soared 2.51 percent to 12,939.57 points.
Now that the Democrats have also won Senate sovereignty, President-elect Joe Biden could now more easily implement and govern his political agenda, which should provide for even more extensive economic stimulus packages with high investments in infrastructure.
In addition, the two chambers of congress have officially certified Biden’s victory in the presidential election after angry Trump supporters had temporarily thrown the political center of the United States into unprecedented chaos with the storming of the Capitol the previous day. With the confirmation of the Biden election victory and the orderly handover of power announced by Donald Trump, observers say that uncertainty is now disappearing from the markets.
On the economic side, the mood of American service providers was unexpectedly robust at the end of last year despite the worsening of the Corona crisis. In addition, the weekly initial jobless claims surprisingly decreased somewhat.
Looking at the individual values, the almost unchecked record hunt for the shares of Tesla heaved the papers of the electric car manufacturer over 800 dollars for the first time. This time, a positive analyst study provided a boost: RBC expert Joseph Spak made no secret of the fact that he had previously “completely wrong” assessed the potential of the shares. Spak wrote that he had underestimated how much the latest price rally was making it easier for Tesla to raise fresh capital on favorable terms. In the end, the shares gained around eight percent.
From the top of the Dow, the papers from Walgreens Boots Alliance greeted with a plus of more than five percent. The pharmacy chain had exceeded expectations with its quarterly figures.
American Express shares lost more than one percent. According to a media report, several American authorities are investigating whether everything was right when selling American Express credit cards to corporate customers. In the report of the “Wall Street Journal” a spokeswoman is quoted as saying that the company has “robust” guidelines and controls and that misconduct is “not tolerated”.
For the shares in Bed Bath and Beyond, it went down by around eleven percent. The retailer, which specializes in bathrooms and kitchens, disappointed investors with its latest figures.
The euro was unable to continue its soaring soaring for the time being and was quoted at 1.2276 US dollars below its recently reached multi-year high. The European Central Bank had set the reference rate at 1.2276 (Wednesday: 1.2338) dollars. The dollar cost 0.8145 (0.8105) euros.
American government bonds suffered from the record party on Wall Street: The futures contract for ten-year Treasuries (T-Note Future) fell by 0.26 percent to 136.88 points. The yield on the ten-year bond was 1.08 percent.