Wall Street surprises with big comeback

Optimism has surprisingly returned to the markets. After another weak trading day, Wall Street suddenly turned positive just before the close.

Capital market expert Mohamed El-Erian, who advises Allianz among other things, described the comeback as one of “the most impressive of recent years”: Investors apparently considered the new sanctions that US President Joe Biden announced on Thursday to be less dangerous than initially assumed . Biden imposed more sanctions packages, this time against five major Russian banks, as well as other individuals with close ties to Russian President Putin. There should also be export controls. This is intended to cut off Russia’s access to semiconductors and other technology goods that are important for the military, aviation and biotech industries, among others.