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The Nasdaq continues to lead Wall Street and is nearing record highs



Wall street has closed with mixed sign (Dow Jones: -0.45%; S&P 500: + 0.01%; Nasdaq: + 0.78%) after last week's rises and the rebound in coronavirus cases in countries such as South Korea, which has revived concern about the pandemic. However the technology sector It has continued to monopolize purchases and lead a historical rebound. The Nasdaq It has rebounded almost 7% during the last six sessions and has far exceeded 9,000 points, so it already points directly to its historical maximum of 9,838 integers.

We recall that Nasdaq encompasses the most representative companies in the technology and biotechnology sector. Values ​​like Alphabet, Amazon, Manzana, Facebook, Intel, Microsoft, Netflix and Nvidia They continue to rise because the market anticipates that its business model is still valid despite the pandemic, and will even be reinforced in many cases.

However, the rise of the Nasdaq is increasing the disconnection between the American stock market and the real economy, which feeds among some experts the theory that a bubble is forming in this type of asset.

In any case, by technical analysis, the appearance of the Nasdaq "is very good and everything seems to indicate that we will see a earnings spread to the highs of the bearish gap that was left in February in 9,446 points"explains César Nuez, an analyst at Bolsamanía.

"The strength currently displayed makes us think of a extension of earnings to all-time highs drawn at 9,736 points. The first level of support is at 8,359 points, prices where the average of 200 sessions is, "adds Nuez.

Further, Manzana It has made headlines after announcing the reopening of its physical stores in the US this week. All establishments will ensure the checking of ambient temperature and the limited number of clients that concur in them at the same time.

Thus, investors remain oblivious to the pandemic that continues to plague the United States. So far, they have been accounted for 1.33 million cases in American territory and the death toll is already close to 80,000, according to data from Johns Hopkins University.

Plans to reopen the economy from New York to California discount the market that has already seen the worst of the crisis, after the destruction of 20.5 million jobs in April and a rise in the unemployment rate to 14.7%, the highest since the Great Depression of 1929.

In the raw materials market, the West Texas oil up 1.1% to $ 25.03. Besides, the ounce of gold falls 0.3% to $ 1,708, while the euro it depreciates 0.1% and changes to $ 1.0830. Finally, the profitability of 10-year American bond goes up to 0.68% and the VIX volatility index falls 1%, up to 27 points.

At a strategic level, Goldman Sachs The S&P 500 is expected to end the year at 3,000 points, very close to its current level, but on the way it expects a 20% correction for the main world indicator during the next three months, up to levels of 2,400 integers.

For Goldman, the market has yet to discount some unpleasant surprises, such as $ 100 billion credit losses in the banking sector due to an increase in delinquencies. Besides, the lack of share buybacks, the foreseeable dividend cuts and national and global political uncertainty will provoke a new downward leg on the New York Stock Exchange

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