The New York Stock Exchange gave up part of its gains at the very end of the session on Wednesday, the US Senate delaying to adopt a recovery plan for the world's largest economy, hit hard by the coronavirus pandemic.
The Dow Jones Industrial Average gained 2.39% to 21,200.55 points. The day before, it had experienced its largest increase in one session since March 1933, climbing more than 11%.
This is the New York spotlight index for the second consecutive session of increase, which had not happened to it for more than a month.
The Dow Jones was carried Wednesday by Boeing, whose title soared more than 24%, the largest increase since the IPO of the aircraft manufacturer. Investors seem to be convinced that Boeing is going to be one of the big winners of economic aid measures in the United States.
The Nasdaq, with a strong technological coloring, was down 0.45% to 7,384.29 points, while the broader S&P 500 index gained 1.15% to 2,475.56 points.
The indices, which had moved sharply in the green since the start of the session, fell just before the close as discussions seemed to drag on in the Senate on massive aid to the US economy.
On the night of Tuesday to Wednesday, elected Democrats and Republicans had yet reached an agreement on this text, which must also be approved by the House of Representatives and ratified by the American President, Donald Trump.
But for the time being, no final text has been presented and no time has been announced for a vote in the Senate.
These measures, which could mobilize nearly 2,000 billion dollars, are intended to protect the most vulnerable American households and bring a breath of fresh air to small and medium-sized businesses, hard hit by the very sharp economic slowdown.
For JJ Kinahan, of TD Ameritrade, the progress of the Dow Jones and the S&P 500 these last two days is to be taken with tweezers.
If these increases are not insignificant, “what would be even better would be to stay in an area where stock market movements are more predictable so that market players can invest with a little more certainty,” said the expert.
“At the moment, it's impossible because we don't know what the market will do in the next five minutes.”
On the bond market, the 10-year rate on the US debt was up slightly, standing at 0.8577% around 8.50pm GMT against 0.8466% the day before at the close.
– Nike surprises –
Among the indicators, orders for durable goods in the United States increased by 1.2% in February, thwarting the expectations of analysts who expected a decline, according to data released Wednesday by the Commerce Department.
However, these figures do not yet reflect the impact of the Covid-19 pandemic.
Among the values of the day, Nike appreciated by 9.2%. The comma brand pleasantly surprised the markets on Tuesday after the close, reporting solid quarterly results, despite the coronavirus pandemic that led to the closure of 75% of its stores in China at the height of this health crisis in the country.
Occidental Petroleum climbed almost 12%. The oil major on Wednesday announced major spending cuts as oil prices plummeted. These savings include lower wages for group executives, the company said.
Occidental also confirmed on Wednesday the conclusion of an agreement with activist shareholder Carl Icahn, the group accepting the appointment to its board of directors of three new members appointed by Mr. Icahn.