NEW YORK (dpa-AFX) – After the weakness of the previous day, the stock exchanges in the USA began to recover on Friday. The leading index Dow Jones Industrial, which had turned back into loss on Thursday after initial gains, rose by 1.08 percent and closed at 46,245.41 points. However, the stock market week was one of the weakest in recent months, with the Dow losing almost 2 percent.
Before the weekend, stocks from the “old economy” such as Coca-Cola, Nike, Home Depot and Merck & Co (Merck) were in particular demand. However, several large tech stocks such as Oracle, Microsoft, Broadcom and AMD (AMD (Advanced Micro Devices)) were avoided.
The NASDAQ 100 rose by 0.77 percent to 24,239.57 points. The index, dominated by large tech stocks, had come under more pressure the previous day than the Dow and the S&P 500. The latter recovered on Friday by 0.98 percent to 6,602.99 points.
Because of concerns about the high valuations in connection with artificial intelligence (AI), autumn storms shook up stocks and cryptocurrencies, said investment analyst Hennig Oligmüller from Landesbank Baden-Württemberg. The good figures from the world’s largest stock exchange company NVIDIA only briefly impressed investors the day before. “The fact that hyperscalers such as Alphabet (Alphabet A (ex Google)), Amazon, Meta (Meta Platforms (ex Facebook)) and Microsoft are reaching their financial limits in the AI arms race and are therefore taking on ever-increasing amounts of debt is hard on their stomachs.” Nvidia shares were flat on Friday after initial losses.
Eli Lilly caused a stir, the first time a pharmaceutical company’s market value exceeded the $1 trillion mark. The US pharmaceutical company continues to benefit from a strong run of its diabetes drugs and weight loss drugs Mounjaro and Zepbound. At the close of trading, the price rose by 1.6 percent to just under 1,060 US dollars. Last week it broke the $1,000 mark for the first time.
Gap shares recovered from recent losses, and the fashion chain’s price rose by a good 8 percent. Gap reported surprisingly strong sales development after hours on Thursday. The company also specified its annual sales and operating margin targets./bek/he
— By Benjamin Krieger, dpa-AFX —