Dow Jones, S&P 500, Nasdaq US economy recovers stronger than expected – Wall Street continues to grow

Dow Jones, S&P 500, Nasdaq US economy recovers stronger than expected – Wall Street continues to grow

Dow Jones, S&P 500, Nasdaq US economy recovers stronger than expected - Wall Street continues to grow
Source: AP

The US economy grew faster than expected in the summer and is likely to grow faster in 2021 than it has done in decades. The gross domestic product rose in the third quarter on an annualized basis by 2.3 percent, as the Department of Commerce announced in Washington on Wednesday.

In an earlier estimate, it was 2.1 percent. In the second quarter, the gross domestic product even increased by 6.7 percent. This is also boosting the US stock markets. The Dow Jones is trading 0.4 percent higher at 35,649 points. The Nasdaq and S&P 500 are also up – by 0.9 and 0.8 percent.

The sentiment of US consumers also brightened significantly in December despite the ongoing corona worries. The barometer for consumer mood rose to 115.8 points from a revised 111.9 points in November, as the Institute Conference Board announced on Wednesday for its survey.

Economists had only expected a slight increase. According to this survey, consumer mood is surprisingly robust despite the continued rampant delta variant of the coronavirus and the highly contagious new Omicron mutant.

Look at the individual values

Encouraging test results for a coronavirus drug give the pharmaceutical company a boost. They rise by 3.8 percent. According to the information, the agent is effective in treating an infection with the Omicron variant.

A quarterly result above market expectations is no boost. The shares of the used car dealer are down 5.3 percent. The company increased sales reportedly by 64.5 percent to $ 8.5 billion and made a profit of $ 1.63 per share.

The cancellation of a Chinese government contract for Alibaba’s cloud division is sending the online trader’s shares down. The papers listed on Wall Street lose 3.8 percent. The authorities accuse the company of not having taken sufficient care of cyber security. The government in Beijing has been increasing the pressure on Chinese companies that are listed on the stock exchange for a long time.

An estimated $ 90 million government contract brings one of the largest price leaps in the company’s history. The drone company’s shares rise 23 percent to $ 2.24. The US Department of Homeland Security can order surveillance drones from the company within a framework agreement.

The share rose 1.4 percent after Bernstein’s capital market experts upgraded the heavy machinery manufacturer’s share from “Market Perform” to “Outperform”. Bernstein said fears that the machine upgrade cycle will end in 2022 are exaggerated.

The papers rose by 4.4 percent. CEO said he had achieved his goal of selling 10 percent of his Tesla shares. During this time, however, Musk has increased his stake in by exercising options.