Aimless Wall Street torn between optimism and worry - Plataforma Media

Aimless Wall Street torn between optimism and worry

The New York Stock Exchange closed today with no definite direction, with investors divided between the signs of economic resuscitation and uncertainties about the future.

The definitive results of the session indicate that the selective index Dow Jones Industrial Average fell 0.65%, to 26,119.13 points, after three consecutive upward closings.

The extended S&P500 also closed down 0.36% to 3,113.49 units.

On the contrary, the technological Nasdaq progressed 0.15%, to 9,910.53 points.

Despite its strong rise in the most recent sessions, the New York plaza remains marked by “a high level of volatility, where the least information is perceived as an opportunity to evolve quickly in one direction or another”, described JJ Kinahan, responsible for strategy for markets in TD Ameritrade.

Several stock market observers considered that the statements of the well-known British investor Jeremy Grantham, on the financial information television station CNBC, had influenced the evolution of the New York indices at the end of the session.

Grantham, who had predicted the 2008 financial crisis, estimated that the New York stock market’s recovery after its March collapse, and while the new coronavirus pandemic continues, it was a bubble that risks bursting at any moment.

Among the events that held investors’ attention was the hearing of the Federal Reserve (Fed) President, Jerome Powell, for the second day at the US Congress.

The Fed chairman again assured that the banking institution will do everything it can to contribute to the recovery of the American economy.

In particular, he again addressed the Fed’s decision to buy corporate bond debt, ensuring that it was a better instrument for injecting liquidity into the market than buying passive bonds made available by funds, which passively evolve.

In front of the indicators, the construction of houses in the USA increased again (4.3%) in May, according to statistics from the Department of Commerce, released today.

However, it remained well below the level before the pandemic crisis.

This article is available in: Português

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