October 1, 2022

Taylor Daily Press

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Wall Street believed the U.S. economy could withstand the Omigron wave

Wall Street believed the U.S. economy could withstand the Omigron wave

NEW YORK (AP) – Investors on Wall Street are optimistic that the US economic recovery will be strong enough to withstand the Omigron wave. Although the new Corona variant is spreading fast, the broader stock index S&P 500 in New York rose to its all-time high on Thursday.

The lead index rose 0.6 percent to 4725.79 points. The well-known Dow-Jones index was also on the rise. The index also closed 0.6 percent lower at 35,950.56 points. Technology exchange Nasdaq was up 0.9 percent at 15,653.38 points. Nowadays, there is also confidence in stock market platforms. U.S. stock markets will be closed on Friday for Christmas Eve.

On the last trading day of the week, investors were still facing a stream of macro data. This created a positive picture of the economy. Consumer confidence in the United States continued to improve and new home sales hit a seven-month high in November. New data on durable goods orders also exceeded analysts’ expectations. However, consumer spending, when adjusted for inflation, has stagnated as a result of recent strong price increases.

Meta

Facebook parent company Meta won 1.5 percent. The company has decided to appeal against a British order to sell the animated site Giffy. According to CEO Mark Zuckerberg’s panel, there is no evidence that the acquisition of the GIF animation database by social media in 2020 will be very detrimental to competition.

The market has seldom responded to reports that Merkin Corona, a pharmaceutical company known as MSD in the Netherlands, has been approved in the United States for Covit-19 cases with major health risks. Shares fell 0.6 percent.

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Crooks

Crocs, in turn, fell nearly 12 percent. Plastic shoe maker Heydude has reached a firm agreement in the acquisition. Crocs will pay $ 2.5 billion in cash and shares to the privately owned shoe brand.

The euro was trading at $ 1.1327 against the dollar in the previous session. U.S. oil prices rose 1.5 percent to $ 73.84 a barrel. Brent oil rose 2.1 percent to $ 76.88 a barrel.