Wall Street got off to a stable start to a packed week. Investors are eagerly awaiting various quarterly figures from American companies and the Fed’s interest rate decision.
(Photo: AP)
Frankfort, New York Despite disappointing economic data and weak corporate balance sheets, Wall Street is holding up. The US standard value index Dow Jones was 0.9 percent higher on Thursday afternoon in New York at 32,493 points. The broad S&P 500 advanced 0.6 percent to 4,048 spots. The tech-heavy Nasdaq rose 0.2 percent to 12,062 points.
The surprising decline in US economic output impacted investor sentiment. In the second quarter, it fell by 0.9 percent extrapolated for the year as a whole. “This means that the Anglo-Saxon rule of thumb for the existence of a recession has been fulfilled,” said LBBW analyst Dirk Chlench.
However, since the National Bureau of Economic Research, which is responsible for determining such a situation, is looking at the continued robust labor market, the official interpretation is that a recession has not yet occurred. But that could change quickly.
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Continue
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Continue