In New York, the Dow Jones rose again on Tuesday after its weak start to the week. The Wall Street Index gains 2.28 % to 23,924.21 points. Export data from China, which turned out to be better than expected, is causing optimism. In addition, traders were cautiously optimistic that the restrictions imposed by the corona virus crisis would have an impact on public and economic life in the United States.
The broader S&P 500 advanced 2.78 percent on Tuesday to 2,838.45 points. The technology-heavy selection index Nasdaq 100, which had presented itself nicely the previous day, rose by 4.12 percent to 8,676.15 points. Amazon papers hit a record high.
The focus is on the starting reporting season. Johnson & Johnson (NYSE: JNJ) sharess grew by a good 4.5% according to quarterly figures. Analyst Matt Miksic from the Swiss bank Credit Suisse spoke of an impressive first quarter of the health and consumer goods group. Johnson & Johnson expects sales and profits to decline in the current year due to the virus crisis and is increasingly spending money on developing its own vaccine candidate against Covid-19 lung disease. Despite the crisis, shareholders can look forward to an increased dividend.
JPMorgan, on the other hand, are turning negative after initial price increases and are currently trading 3.3 percent lower. The corona crisis had plunged the largest US bank’s profits. The money house is preparing itself with a financial effort for impending loan defaults. The high provisions caused net income in the first quarter to drop by around 70 percent year-on-year.
Rival Wells Fargo suffered even more in the first quarter. The money house, according to Tuesday’s announcement, only earned $ 653 million, compared to $ 5.9 billion a year earlier. The major US bank set aside $ 3.1 billion in crisis preparedness in the wake of the corona pandemic. The bank’s share price is down 4.3 percent.
Apple shares(NASDAQ: AAPL), on the other hand, gained five percent. JPMorgan analyst Samik Chatterjee cited March data from the China Academy of Information and Communications Technology (CAICT) that iPhone sales in China have recovered sharply.
Amazon‘s (NASDAQ: AMZN) shares hit a record high of $ 2,287.70. The most recent increase was 5.4 percent. The shares of the online giant are among the big winners in the stock market in the current virus crisis. Because many stores around the world have to remain closed due to the pandemic, people are doing even more shopping online. Amazon is well positioned in online trading.
Tesla’s shares (NASDAQ:TSLA) soared up by almost 13 percent. They benefited from a positive judgment by the Swiss bank Credit Suisse. Analyst Dan Levy raised the electric car manufacturer’s stock from “Underperform” to “Neutral” and raised the price target from $ 415 to $ 580. Compared to traditional car manufacturers, the virus crisis puts Tesla in a better position, he said.