October 26, 2020

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Wall Street is driven by the hope of a rescue package

Wall Street is driven by the hope of a rescue package


Photo: ANP

The New York Stock Exchanges started the last trading session of the week with profits on Friday. Investors are counting on signs that the White House remains poised to negotiate a major stimulus package to mitigate the economic blow from the corona pandemic. President Donald Trump had previously withdrawn from these talks.

Shortly after the opening bubble on Wall Street, the Dow Jones index rose 0.4 percent to 28,550 points. The broad S&P 500 gained 0.6 percent to 3,466 points and the Nasdaq technology exchanges rose 0.7 percent to 11,504 points.

In addition to Trump’s willingness to talk about another trillion package, the polls also offer more security for investors. They are increasingly pointing to a great victory for Democratic candidate Joe Biden. If he does become president, Biden is expected to come up with an additional support package soon.

The chip company Xilinx is in the spotlight among the companies. Industry colleague Advanced Micro Devices (AMD) is reportedly in advanced talks to acquire the company. The Xilinx share rose 14 percent in the first few minutes of trading. AMD actually lost more than 3 percent.

Another chipmaker, Eindhoven-based NXP, reported that it had benefited from better conditions in the auto industry, up nearly 5 percent. Previously, the company, which is listed on the Nasdaq, still felt the discomfort in the automotive industry in its results. The results of a preliminary trade update were therefore better than previously expected.