October 23, 2020

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New York trade shows mingled with the weekend

New York trade shows mingled with the weekend

The New York stock exchanges closed on Friday with a mixed picture. Nervousness about potentially excessive stock market valuations for technology funds resulted in volatile trading, with massive gains and losses alternating steadily this week.

The technology exchange Nasdaq therefore ended the week depressingly with a loss of 0.6 percent to 10,853.55 points, a decrease of more than 7 percent in the last two weeks. The Dow Jones Index ended the last day of the trading week 0.5 percent higher at 27,665.64 points. The broad S&P 500 rose 0.1 percent to 3340.97 points.

Large tech funds like Apple, Microsoft, Amazon and Facebook lost up to 1.9 percent. Car manufacturer Tesla plus 0.4 percent. The manufacturer of electric vehicles will export cars from its mega factory in Shanghai to Europe, among other places. Singapore, Australia and New Zealand are also supplied from the Chinese factory.

Another electric car maker, Nikola, fell again after fraud allegations by an investor who speculated about a drop in prices. Nikola CEO defended allegations that the company was built on lies, but investors appeared to lack substantial rebuttal. The share fell by 14.5 percent.

The American supermarket chain Kroger lost 1.1 percent despite above-average quarterly figures. The software group Oracle (minus 0.6 percent) also reported quarterly figures and recorded increases in sales and profits.

The euro was valued at $ 1.1840 versus $ 1.1831 at close of trading on European stock exchanges. The price of a barrel of US oil rose 0.4 percent to $ 37.46. Brent oil was 0.5 percent less at $ 39.88 a barrel.