Economy

Joy to Split IBM; Wall Street heading higher | Financial

The Dow Jones index ended 0.4 percent in the plus at 28,425.7 points. The broad S&P 500 gained 0.8 percent to 3,446.8 points and the Nasdaq technology exchange rose 0.5 percent to 11,420 points.

Talks about a deal for a new stimulus package “are starting to look like,” said President Donald Trump. He also openly toyed on Wednesday with the idea that he would soon be signing new crisis support, driving clear gains in New York.

Last week, another 840,000 Americans filed for unemployment benefits, up from an adjusted 849,000 a week earlier. Economists had expected a decrease to 820,000. The fact that the decline is less than expected suggests that the recovery in the US labor market is slowing somewhat.

Leading role IBM

IBM stole the show with a price jump of 6% after the tech group announced that it wanted to put its infrastructure services branch on its own feet with an independent stock exchange listing.

Among other things, the companies focused on the chip sector, due to strong sales figures from Taiwanese chipmaker TSMC. The major supplier of semiconductors for smartphones benefited, among other things, from the new iPhones that Apple will soon unveil. In addition, South Korean Samsung, one of Apple’s main rivals, has announced an excellent quarter. Apple’s share price fell 0.1 percent. Chip group Intel won 1.3 percent.

Regeneron Therapeutics won 1.6 percent. The pharmaceutical company has asked the FDA for approval for its corona therapy with synthetic antibodies. Trump was recently administered this experimental drug. He is full of praise for the treatment.

There was also takeover news. Investment bank Morgan Stanley (plus 0.8 percent) acquires asset manager Eaton Vance. The deal is worth approximately $ 7 billion. Eaton Vance stock jumped 48 percent.

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