Economy

Wall Street kicks higher on bargain party day | Financial

Just after half past three (Dutch time) the Dow Jones index increased 0.3 percent to 29,951 points. The broad S&P 500 rose 0.3 percent to 3,641 points, technology gauge Nasdaq gained 0.5 percent to 12,156 points.

The second wave of corona is hitting hard despite the prospect of a vaccine. In the United States, the number of hospital admissions for the corona virus reached a new record on Wednesday. Germany, among others, decided this week to extend lockdown measures. Economic confidence in the European Union was therefore hit this month.

One of the targeted vaccines against the lung virus, that of AstraZeneca and the University of Oxford, has also been questioned. Mistakes were made in the research that was supposed to demonstrate the effectiveness of the drug.

Large retailers such as Walmart (plus 0.3 percent) and Amazon (plus 0.8 percent) are in the spotlight because of Black Friday. This day is known in the US as the start of the important holiday season for retailers, who during this time go out of their way to retain customers. Large discounts are often offered to convince buyers.

Tesla headed 2.6% higher despite news that the US road safety regulator is investigating 115,000 of the brand’s electric cars. There would be technical problems with the front suspension on certain models.

Walt Disney (+ 0.5%) announced on Wednesday, after the US stock exchanges closed, that it would lay off an additional 4,000 employees due to sharply reduced visitor numbers in its theme parks. This job reduction is in addition to the 28,000 jobs to be cut that the entertainment and media group previously announced.

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