US stocks continue to recover thanks to good corporate data

After an early price increase of more than two percent, the leading index Dow Jones Industrial recorded a gain of 1.12 percent to 30,524 points. The technology-heavy index Nasdaq 100 recorded a price increase of 0.77 percent to 11,148 points.

Market analyst Craig Erlam of broker Oanda, meanwhile, still questions the sustainability of current price gains. “The feeling of a bear market rally is still strong,” the expert wrote.

He is not convinced that there is much substance behind it, because the economic environment looks treacherous. “And we don’t even know if we’ve hit the peak of inflation and discounted interest rate expectations yet.”

The industry increased its production noticeably and surprisingly significantly in September compared to the previous month. In contrast, housing market sentiment deteriorated more than expected in October, as evidenced by the decline in the NAHB housing market index. It is now the tenth decline in a row.

The economic situation in the US is currently at the center of attention as it plays an important role in the upcoming midterm elections. A bad economy could negatively affect the voting of US President Joe Biden and his Democrats. (con/sda/dpa)