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Wall Street Further Up After New Records

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The stock exchanges in New York started with small gains on Friday, after new records were set a day earlier by the leading Dow Jones index and the broad S&P 500.

 

Investors on Wall Street focused on quarterly figures of investment bank Morgan Stanley.

Shortly after opening, the Dow recorded a plus of 0.6 percent at 34,238 points. The index closed above 34,000 points for the first time on Thursday, helped by good data on the US economy. The S&P 500 climbed 0.3 percent to 4,181 points. Technology gauge Nasdaq just dropped 0.2 percent to 14,010 points.

Morgan Stanley lost 0.1 percent. The investment bank saw its profit increase very strongly in the past period, thanks to the advice on mergers and acquisitions, guidance on IPOs and share issues and rising stock prices. The bank did have a loss of more than $ 900 million related to the debacle surrounding the Archegos investment fund.

With the figures from Morgan Stanley, the major banks in the United States have now reported their results. Earlier this week, Goldman Sachs, JPMorgan Chase, Bank of America and Citigroup, for example, already released quarterly releases. Banks’ profits rose sharply due to the records on the stock markets and the US economic recovery from the corona crisis.

The markets in New York are also looking at figures on the Chinese economy. The world’s second-largest economy posted a record growth of more than 18 percent in the first quarter. Data on Chinese retail sales and industrial production was also reported.

The US construction industry began building more than 1.7 million homes in March, nearly a fifth more than in February. In that month there was a delay due to wintry weather.

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