Wall Street Wall Street opens up – US citizens continue to indulge in consumption

Wall Street Wall Street opens up – US citizens continue to indulge in consumption

Wall Street Wall Street opens up - US citizens continue to indulge in consumption
Further restrictions are imminent due to the omicron variant of the corona virus.  Source: Reuters

After a positive trading day on Wednesday, Wall Street also started positive on Thursday. The US standard value index Dow Jones rose 0.3 percent to 35,782 points. The technology-heavy Nasdaq advanced 0.1 percent to 15,544 points. In the broader S&P 500, industrial and raw materials companies led to the price gains. The index gained 0.2 percent to 4,703 points.

Despite the massive rise in prices, US consumers have no problem with their money. Your spending increased in November to the previous month by 0.6 percent, as the US Department of Commerce announced on Thursday. Economists polled by Reuters had expected it. In October, however, there was still a plus of 1.4 percent. Private consumption is considered to be the mainstay of the US economy.

US industry picked up an unexpectedly large number of orders in November. Orders for durable consumer goods such as airplanes and machines went up by 2.5 percent compared to the previous month. An increase of only 1.6 percent was expected.

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Despite good news, the share is down 3.8 percent. According to the drug manufacturer, treatment with two doses of its Covid-19 vaccine has shown strong immune responses against the Omicron variant. However, the company added that the response to Omicron was less than that to the original strain of the virus. In addition, a booster dose is likely to be helpful.

The shares collapsed by nine percent. Chinese social media company Tencent plans to distribute the majority of its stake in the e-commerce company to shareholders in the form of a dividend of $ 16.4 billion. As a result, Tencent will reduce its stake in from 17 percent to 2.3 percent.

The company has completed delivery of its first electric vehicle. The share gained 9.6 percent.

The casual shoe maker announced it would take over privately owned competitor Heydude for a total of $ 2.5 billion. There is both a cash and a share component in the purchase price. Both sides expect the transaction to close in the first quarter of 2022. Crocs shares lost more than 11 percent.

The shares of the developer of digital games plummeted by around 18 percent because the company had ended talks about the sale to the majority shareholder Scientific Games. The shares of Scientific Games, however, rose by more than eight percent.