Dusseldorf The US markets started trading significantly more on Friday, but have since moved more sideways. The Dow Jones index of standard values is 1.64 percent firmer at 24,006 points. At the start of trading, it was still up over 2.3 percent.
The broader S&P 500 is listed at 1.6 percent on 2851 points. Since its low in March, the S&P has made up about 30 percent of the ground. The index of the technology exchange Nasdaq slightly slightly in the minus – it started the trading day with a plus of 1.5 percent.
“The news of a possible remedy on the same day that Trump presented his opening plans gives reason to be optimistic that something like normal will return sometime soon,” said Joshua Mahony, market analyst at broker house IG.
US President Donald Trump presented his exit strategy from the corona crisis on Thursday. The White House plan provides for specific parameters according to which individual states can gradually loosen their restrictions. Germany would also benefit from a plan with clearly defined milestones, comments Handelsblatt author Christian Rickens.
Hope for corona drug
The biggest issue on the markets today, however, is hope for one Corona drugthat the US pharmaceutical company Gilead is currently testing. In a study by the University Clinic in Chicago, remdesivir, which was originally developed against Ebola, led to a rapid reduction in fever and a reduction in the symptoms of the lung disease, so that almost all patients could be discharged in less than a week.
At the end of the month, the group plans to present more comprehensive results from its phase 3 study. It was still too early to draw general conclusions from the success of the treatment. The pharmaceutical company’s papers grew by around eight percent.
However, they act as mood dampers Economic data from China: Economic growth there shrank by 6.8 percent in the first quarter of 2020 compared to the same period in the previous year. Even if China is slowly starting up its economy again after the pandemic, the country will probably not be able to lead the rest of the world economy to recovery, China correspondent Dana Heide analyzes.
The US oil prices broke in on Friday. The price of the US variety WTI temporarily lost almost twelve percent to $ 17.50 a barrel and was thus as low as it was last more than 18 years ago. US inventories were rapidly filling as refineries demand less and less crude oil, says Bjornar Tonhaugen, head of the oil business at Rystad brokerage. Nothing will change for the time being despite the planned relaxation of the virus restrictions.
Focus on individual values
Gilead: The new hope for corona therapy increased on Friday: The papers shot up about eight percent.
Procter + Gamble: The US consumer goods giant has seen the corona pandemic grow its business. The group benefited particularly from strong inventory purchases in the drugstore sector. In the three months to the end of March, revenues increased five percent year-on-year to $ 17.2 billion, the company said on Friday. Profits rose seven percent to $ 3.0 billion. The share was up 1.3 percent on Friday evening.
Boeing: The aircraft manufacturer plans to start production again on Monday. Because of the corona pandemic, production stopped there for three weeks. At the start of trading, the share rose by more than 13 percent.
Apple: Goldman Sachs analysts downgraded iPhone manufacturer’s stock from “neutral” to “sell”. Apple is likely to suffer primarily from the lower demand for iPhones. The stock loses more than two percent.
With agency material.
More: Here you can find out how the German stock market developed on Friday.