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NEW YORK (Dow Jones) – Wall Street closed the last trading day of the week with a clear advantage. Market participants mainly spoke of a recovery from the previous day’s losses. Overall, sentiment was affected by the rapid rise in the number of new infections, with the United States in particular setting new all-time highs. Earnings at Cisco and Disney gave an additional boost after good quarterly numbers.
The result of the also provided some relief. United States Election, even if this had been obvious for a long time. Major US broadcasters have declared Democrat Joe Biden the winner in the beleaguered state of Georgia. At the same time, broadcasters CNN and ABC declared office holders Donald trump to the winner in the also disputed North Carolina. That would decide the races in every state. With Georgia, Biden would have a total of 306 of the 538 voters. For a victory, Biden needed at least 270 voters, whom he had already secured last Saturday.
The Dow Jones Index rose 1.4 percent to 29,480 points. On a weekly basis, the index posted an increase of 4.1 percent. The S&P 500 improved 1.4 percent to 3,585 points, setting a new all-time high. The Nasdaq composite gained 1.0 percent to 11,829 points. The 2,570 (Thursday: 737) price winners faced 512 (2,334) losers. 64 (81) shares closed unchanged.
Concerns about the US aid package: vaccine euphoria evaporated
Furthermore, fears mounted that a new government aid package, if the warring parties could reach an agreement, would be launched too late to avoid serious damage to the US economy.
And last but not least, the euphoria has subsided due to the highly effective vaccine developed by Biontech and Pfizer, which had pushed the Dow Jones Index and S&P 500 to new all-time highs earlier in the week. It will take some time before the vaccine is available to the general public. Federal Reserve Chairman Jerome Powell also pointed this out at the ECB forum on Thursday.
US Consumer Confidence Falls More Than Expected
Producer prices for October were released on economic data. They were up a total of 0.3 percent compared to the previous month and 0.1 percent in the underlying rate. Economists had expected an increase of 0.2 percent each.
By contrast, US consumer confidence weakened markedly in November. The index calculated at the University of Michigan fell to 77.0 in the mid-month survey. Economists, however, only expected a decline to 81.5, after 81.8 in the previous month.
Cisco convinces with numbers and insights
Among individual stocks, Cisco Systems shares rose 7.1 percent to top the list of winners on the Dow Jones Index. The company’s quarterly figures and outlook were slightly better than expected.
The Disney entertainment company ended its fourth quarter with a smaller loss than analysts had assumed. In terms of participation, it rose 2.1 percent.
Applied Materials gained 4.3 percent. The manufacturer of systems for the production of chips also exceeded the expectations of the market. “Our future opportunities never looked so good as now,” said CEO Gary Dickerson, who was also optimistic after what he claims was a record quarter.
Economic concerns and oversupply weigh on oil prices
Oil prices have been under pressure, weighed down by data on US crude stocks reported Thursday. These had increased surprisingly significantly. In addition, the growing number of corona cases fueled fears that the economic recovery could be prolonged and demand for Petroleum it will stay low for a correspondingly long time. The price of the US variety WTI a barrel fell 2.2 percent to $ 40.22, but rose more than 8 percent last week. Brent fell 1.9 percent to $ 42.71.
In the currency market, the euro showed little change in recent US trading at $ 1.1834. The common currency has only benefited temporarily from the strong economic growth that Eurozone recorded in the third quarter. The dollar index fell 0.2 percent, weighed down by the continued sharp rise in new infections in the United States.
The price of gold rose 0.5 percent to $ 1,888. However, the precious metal posted its biggest weekly loss since late September. The participants justified the increase with the weakness of the dollar.
Prices of US bonds fell slightly. The 10-year yield improved 1.1 basis points to 0.89 percent.
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INDEX last + / -% absolute + / -% YTD
DJIA 29,479.81 1.37 399.64 3.30
S & P-500 3,585.15 1.36 48.14 10.97
Nasdaq-Comp. 11,829.29 1.02 119.70 31.84
Nasdaq-100 11,937.85 0.94 110.71 36.70
US bonds
Yield to maturity Bp to TV Yield TV +/- Bp YTD
2 years 0.18 0.4 0.17 -102.5
5 years 0.40 1.0 0.39 -152.1
7 years 0.65 0.9 0.64 -160.0
10 years 0.89 1.1 0.88 -155.2
30 years 1.65 0.5 1.64 -142.0
Last Forex + / -% Friday, 8:31 am Thursday, 5:15 pm% YTD
EUR / USD 1.1834 + 0.23% 1.1805 1.1815 + 5.5%
EUR / JPY 123.82 -0.24% 123.92 124.22 + 1.6%
EUR / CHF 1.0803 + 0.02% 1.0800 1.0794 -0.5%
EUR / GBP 0.8968 -0.36% 0.8976 0.8996 + 6.0%
USD / JPY 104.64 -0.47% 104.99 105.14 -3.8%
GBP / USD 1.3195 + 0.58% 1.3148 1.3136 -0.4%
USD / CNH (Offshore) 6.5979 -0.28% 6.6272 6.6039 -5.3%
Bitcoin
BTC / USD 16,220.76 -0.08% 16,255.50 16,099.00 + 125.0%
ROHÖL last VT-Settl. + / -% +/- USD% YTD
WTI / Nymex 40.22 41.12 -2.2% -0.90 -28.7%
Brent / ICE 42.71 43.53 -1.9% -0.82 n.def.
METALS last day before + / -% +/- USD% YTD
Gold (Spot) 1,888.21 1,878.00 + 0.5% +10.21 + 24.4%
Silver (spot) 24.64 24.33 + 1.3% + 0.32 + 38.1%
Platinum (Spot) 893.15 883.98 + 1.0% +9.18 -7.5%
Kupfer-Future 3.18 3.15 + 1.1% +0.03 + 12.5%
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DJG / DJN / ros
(END) Dow Jones Newswires
November 13, 2020 4:17 PM ET (21:17 GMT)
