Economy

Powell gives back to Wall Street | Financial

Fed President Jerome Powell reiterated in the United States Senate that it is necessary to pull out all the stops if necessary to combat the corona crisis.

The Dow-Jones index was 0.2% lower at 24.469 points around 8.30 pm. The broad S&P 500 rose 0.3% to 2,961 points and Nasdaq technology exchange gained 0.8% at 9,310 points.

The price of crude oil in the US kept the upward trend above $ 30 a barrel. This has dampened the turbulence of the past month.

Home Depot slipped 3% after disappointing numbers from the largest DIY chain in the United States. The company faced higher personnel costs related to leave and bonuses and is withdrawing its expectations for this year. Turnover did increase. The smaller industry colleague Lowe’s seems to be pulled down.

Walmart headed 2.4% higher. The supermarket benefited from the hammering of Americans in the corona crisis and saw online sales rise sharply. Profitability was under pressure from higher costs, such as cleaning and staff safety.

Kohl’s dipped 5.7%. The department store chain has suffered a loss in the recent period because many stores were closed against the virus outbreak, with sharply reduced turnover. Kohl’s is reopening stores.

On a macroeconomic level, it was reported that home construction in the US fell again very sharply in April due to the virus outbreak and measures to combat the disease. As a result, many construction projects came to a halt. The number of homes under construction plummeted by more than 30 percent compared to March when a sharp decline was also seen.

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