The “Charging Bull”, near Wall Street (AFP / Angela Weiss)
The New York Stock Exchange finished higher on Wednesday, satisfied with a postponement to December of the issue of the US debt ceiling, which had clouded the market.
The Dow Jones gained 0.30% to 34,416.99 points, the Nasdaq index, which includes a lot of technology stocks, 0.47% to 14,501.91 points and the extended S&P 500 index, 0.41% to 4,363 , 55 points.
The session opened in the red, the indices weighed down by worries about inflation and what appeared to be a deadlock on US debt in Congress.
He finally changed course after the announcement of Republican Senate leader Mitch McConnell.
The latter proposed to vote an emergency measure that would extend the deadline from October 18 to December to reach an agreement on raising the debt ceiling.
Beyond that, the United States is exposed to a default on its debt, which would be a first in the history of this country.
“We started today with investors increasingly nervous” about a default, but “at least for now, this potential disaster has passed into the background”, responded Art Hogan, head of the strategy at National Securities.
“There were 12 days left (before the original date of October 18), so anything that can bring a little spark of optimism, the markets are seizing it,” said Ross Mayfield, investment strategy analyst at Baird.
However, nothing is resolved, because the Republicans do not intend to contribute to a long-term solution, which will require a complicated parliamentary maneuver, led by the Democrats alone.
Still worried about inflation, investors are scrutinizing the first publications of the earnings season.
PepsiCo benefited (+ 2.56% to 154.96 dollars) from the raising of its organic growth objectives for its 2021 fiscal year, which accompanied net profit and revenues above expectations in the third quarter, published on Tuesday.
Investors have nevertheless mostly retained the group’s speech which warned that its prices would probably increase until the first quarter.
Among the large stocks listed in New York, the steel group US Steel dropped (-8.65% to 20.50 dollars) after the publication of a note from analysts at Goldman Sachs announcing a possible correction in the price of steel. The American producer of iron ore pellets Cleveland-Cliffs followed suit (-3.32% to 20.07 dollars).
Analysts from the same Goldman Sachs also lowered their recommendation for American Airlines (-4.33% to 20.54 dollars) and JetBlue (-2.67% to 15.69 dollars), highlighting a slower recovery than expected in footfall and rising energy prices.
The Moderna laboratory (-8.94% to 302.42 dollars) continued to digest the announcement of its competitor Merck on Friday on a possible anti-Covid pill. Since Thursday evening, the group has lost more than 21% of its value on the stock market.
Already in orbit since the announcement of its partnership with Amazon at the end of August, the specialist in credit purchasing solutions Affirm Holdings has again accelerated sharply (+ 19.95% to 133.70 dollars), after an agreement with the Target supermarket chain, which will offer installment payments, joining an increasingly popular online movement.
As for the vehicle rental giant Hertz, it profited (+ 19.64% to 26.50 dollars) from the appointment of the former CEO of Ford, Mark Fields, as interim general manager. The group filed for bankruptcy in May 2020, weighed down by the coronavirus pandemic, before leaving it last July.
Video game publisher Electronic Arts has had a bad day (-6.95% to 134.07 dollars), weighed down by bad echoes of the test version of its new game “Battlefield 2042”, which is due out in November.
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