Stock prices hit record highs again on Wall Street: “The market needs a respite and the results are pricing stocks to their right levels”

New York

The main indices of the New York stock exchanges rose mainly on Friday. On a weekly basis, the Dow Jones index fell 0.8 percent, the broad S&P 500 index rose 0.4 percent and the Nasdaq index rose 1.9 percent.

The S&P 500 index entered its third consecutive week of rise and the index reached a new record of 4,249.74 points. The index also rose to a new record on Thursday.

The US stock market is still fairly stable. The VIX index, or “horror factor”, which measures market volatility, fell 15.6 points to 2.6% after the stock market closed. Readings above 20 points indicate turmoil in the market. According to The Wall Street Journal, the index fell below 16 for the first time since February 2020.

All major indices continue to converge to record levels, with investors feverishly wondering where the stock market is heading. Some investors have been concerned about the US president Joe Biden tighten taxation. High stock valuations and new variants of the coronavirus have also raised concerns among investors.

In addition, the rapid acceleration of inflation is nervous for investors, but many asset managers believe that inflation will be temporary.

“We are still optimistic, but not as optimistic as we were three months ago. The market needs a respite and the results will price the shares to their right levels,” the main market strategy Daniel Morris finance company BNP Paribas Asset Managementilta commented on The Wall Street Journal.

Cruise company rates fell on Friday, for Royal Caribbeanin two cases of coronavirus were detected on a re-operating cruise ship. Royal Caribbean shares fell 0.6 percent and Norwegian Cruise Linen share 0.8 percent.

A movie theater chain called the Meme Stock AMC: n the stock rose 15.4 percent to $ 42.81. The company’s share closed down 13.2 percent yesterday on Thursday when the company’s management team said it was selling part of its holdings.

Analysts ’target price per share averages $ 5.25, according to The Wall Street Journal.

CNBC reported earlier this week that seven AMC insiders had sold their stakes in the cinema since May 28, when the wild rally in the stock began. The publication cites a research company InsiderScorea, according to which insiders sold shares on a very broad price range from $ 27.42 to $ 62.67. The share price has risen 287 percent during the month.

Discussion on shares talked about in Reddit’s wallstreetbets group health insurance company Clover Health Investmentsin The stock rose 4.8 percent to $ 14.34 for the medical technology company Senseonics Holdingsin stock 10.8 percent to $ 3.62.

Meme shares refer to stocks whose share prices have experienced strong fluctuations as a result of the actions of small investors in Reddit’s group called wallstreetbets. By their actions, they want to put hedge funds that have short-circulated certain stocks heavily.

Electric car manufacturer Teslan the share missed a clear trend (-0.04%) despite the fact that the company has just unveiled its new car, the Model S Plaid, which has been touted as the world’s fastest series production car. The electric motors of the new car are manufactured using a completely new production method.

The Michigan index of American consumer confidence rose to 86.4 points in June from 82.9 points in May, while analysts expected a reading of 84.4 points.

The 10-year rate on U.S. government debt was on the rise after stock markets closed and was quoted at 1.454 percent.

The Dow Jones index remained clear (+ 0.04%), the broad S&P 500 index rose 0.2 percent and the Nasdaq index rose 0.4 percent.

Source: Arvopaperi by

*The article has been translated based on the content of Arvopaperi by If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!

*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.

*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!