new York Weekly US jobs data gives investors on Wall Street optimism. The Dow Jones index of standard values was up 1.2 percent at 33,266 points in New York early on Thursday afternoon. The broader S&P 500 gained 1.8 percent to 3,853 points. The index of the technology exchange Nasdaq climbed by 2.5 percent to 10,464 places.
Initial US jobless claims rose as sharply as expected at 225k compared to 216k the previous week. “It’s certainly a sign of a slowdown in the labor market,” said Peter Cardillo, chief economist at investment firm Spartan. Investors are hoping that a slowing labor market will prompt the US Federal Reserve and other major central banks to take smaller interest rate hikes.
However, today’s price development is also related to the fact that the market has performed quite poorly in the past few days due to concerns about the number of infections following the recent easing in China. “We are at the end of the year. What we’re seeing is partially bargain hunting,” Cardillo said.
Investors grabbed US government bonds again. In return, yields fell. The 10-year bond yielded 3.8296 percent compared to 3.886 percent the previous day. This supported Nasdaq stocks such as Netflix, Apple and Microsoft, which rose by up to 5.4 percent. According to experts, rising inflation and higher interest rates will devalue the future profits of these high-growth companies.
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Tesla up after Musk comment
A comment from Tesla boss Elon Musk helped the stock get back on its feet. The shares of the US e-car maker were 5.3 percent higher. Rivals Lucid and Rivian were also up more than four percent each.
>> Read here: short seller make $15 billion betting against Tesla stock
“Don’t get too discouraged by the madness of the stock market,” Musk wrote in an email to workers. He firmly believes that Tesla will become the most valuable company in the world in the long term.
Wall Street expert Koch: No good prospects for the first quarter of 2023
Investors worried about Tesla’s production in Shanghai. Some also feared that Musk’s tweets and bumpy takeover of Twitter would damage the brand. “Whether the stock market at Tesla is going crazy or not, Elon Musk has definitely done his company’s stock a disservice this year,” said investment strategist Jürgen Molnar of brokerage house RoboMarkets.
Look at other individual values:
Southwest Airlines: Southwest remains under surveillance. The airline is trying to recover from the problems that have caused thousands of flight cancellations over the past week. The stock is almost four percent higher in late trading after falling 11 percent over the past two days.
ImmunoGen: ImmunoGen is up more than 6 percent in late trading after the biotech announced that chief financial officer Susan Altschuller would not be returning from her furlough. Vice President and Chief Accounting Officer Renee Lentini has been appointed interim Chief Financial Officer.
More: The Fed sets the mood on Wall Street