Tech Companies Back in Demand on Volatile Wall Street

Tech companies were among the big winners on Thursday on an otherwise volatile Wall Street.

 

Some of the investors have been reassured by the Federal Reserve’s interest rate decision that there will be no interest rate hike for the time being and are again focusing on growth stocks. Recently, many investors have turned away from such companies for fear that central banks would raise interest rates and thereby hit the rapid growth of prices.

Although the Fed announced that it wants to raise interest rates earlier than previously thought, that will not happen until 2023. That is far enough away to boost the mood among tech investors. Companies such as Apple (plus 1.3 percent), Microsoft (plus 1.4 percent) and chip company Nvidia (plus 4.8 percent) were put higher. Chip manufacturer AMD was raised 5.6 percent after reports that the European Union has no objection to the acquisition of Xilinx (plus 4.9 percent) by that company.

The Dow-Jones index closed with a minus of 0.6 percent, at 33,823.45 points. The broad-based S&P 500 was down a fraction to 4221.86 points. Tech exchange Nasdaq, on the other hand, gained 0.9 percent and closed at 14,161.35 points.

Medical company Danaher also stood out. That company takes over Aldevron, which makes various products needed for the production of vaccines. The share price of Danaher, which pays $ 9.6 billion for the takeover prey, rose by more than 5 percent.

Electric pickup start-up Lordstown Motors fell 4.4 percent again. The company, which earlier this week saw the chief executive and financial director resign after lying about the company’s performance, has had to admit that there are no binding commitments to buy pickups.

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