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Bullish close on Wall Street in a week with the FAANG as major players


Wall street (Dow Jones + 0.44%; S&P 500 + 0.73%; Nasdaq + 1.49%) seems to have recovered from the GDP scare of last Thursday and closed positive on Friday. The advances come in a week in which the big tech companies have met (and by far) their quarterly results.

Facebook, Amazon, Alphabet (matrix of Google) and Manzana they have beaten analysts' expectations with their accounts. Virtually all of them go up between 5 and 6% on Wall Street. Only Alphabet is registering retracements close to 4%.

Those of Cupertino also took advantage to announce a delay of "several weeks" of their iPhone 12 and a split of 4 shares for 1 to make themselves more accessible to all investors. "Their results have left us breathless," acknowledge Delos Capital experts. "They are to be framed taking into account the crisis and the confinement"they apostille.

The FAANG they are unable, despite everything, to overshadow the terrible contraction of the GDP of USA that has been released this Thursday. Neither the Great Depression nor the Great Recession nor any of the more than three dozen economic crises in the past two centuries have caused such sharp drainage in such a short period of time.

The bad macro data for this week seems just a bump in the bullish streak that Wall Street is experiencing. Andrew Garthwaite, analyst at Credit Suisse, believes that S&P 500 could "easily hit 3,500 points" by year-end.

Garthwaite is not the only optimist. César Nuez, technical analyst at ForexNews.online and head of 'Trader Watch' bets on Nasdaq. "Still offers a great technical look after drawing, just a few sessions ago, new historical highs. The selective technology is consolidating levels with everything ready so that we can end up seeing an extension of the profits ", points out the expert.

Across the Atlantic, the Ibex and the rest of Europe have closed with falls. In the case of the Spanish selective, this shows its weakness and ended July with a decrease of around 5% and below 6,900 points. Finally, in Asia, the stock markets closed with a drop, especially weighed down by the Nikkei, that 3% has been left.

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