Wall Street indices closed inconsistently on Monday to early May.
Dow Jones, the next major American company, closed on the plus side. Similarly, the broad S&P 500 index, which rose the fastest in April since November.
Technology shares Amazon decreased by 2.3%, Netflix 0.9 per cent and Facebook 0.8 percent.
More than half of the companies in the S&P 500 index have released their first-quarter earnings reports, and the results have exceeded analysts ’expectations. So far, realized earnings growth has been 46 percent, compared to 24 percent in the forecasts.
While strong results have boosted investor optimism, at the same time, investors continue to watch with concern the spread of the corona pandemic around the world.
Investors are also worried about a possible sudden acceleration in inflation and a possible overheating of the economy as the US Federal Reserve continues to loosen its monetary policy despite the country’s strong economic recovery.
“It’s quite a bit of dancing on a rope, given the good factors like strong results and the progress of interest rate vaccinations, as well as limiting factors like high stock valuations and inflation fears,” Luc Filip investment bank SYZ Private Bankingilta commented on The Wall Street Journal.
Governor of the US Federal Reserve Jerome Powell spoke at a National Community Reinvestment Coalition event on Monday.
According to Powell, the economic outlook has brightened, but he says the economy has recovered more slowly, especially for those in low-wage jobs. Powell said the pandemic has had a particularly negative impact on the employment of various minorities and women.
In the United States, the April reading of the ISM index, which tracks industry, was released today. The preliminary reading of the index was 60.5 points, while analysts expected a reading of 60.7 points.
The 10-year interest rate on U.S. government debt was declining after stock markets closed and was quoted at 1.604 percent.
The Dow Jones index rose 0.7 percent, the broad S&P 500 index rose 0.3 percent and the Nasdaq index fell half a percent.
Source: Arvopaperi by www.arvopaperi.fi.
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