Ford’s deal with Tesla has been well received by US investors

Ford’s deal with Tesla has been well received by US investors

Photo: ANP

The deal from automaker Ford and Tesla has been well received by investors on Wall Street. They sent Ford shares up more than 6 percent on Friday, after it was announced that owners of the electric Ford in the United States and Canada will also be able to use all of rival Tesla’s charging points starting next year. Ford will use the plug for electric cars made by Tesla for its cars. Tesla gained almost 5 percent in market value.

In addition, the chip currencies regained significant value on the last trading day of the week. Hopes of a quick agreement on the US government debt limit led to the main indicators of the New York stock market entering the weekend with clear gains. Republican Speaker of the House Kevin McCarthy said this coming long weekend that he will continue to work to reach an agreement.

The Dow Jones index finished 1 percent higher at 33,093.34 points. The broader S&P 500 rose 1.3 percent to 4205.45 points and the technology exchange Nasdaq rose 2.2 percent to 12,975.69 points.

Marvell Technology was one of the big winners. The American chip maker met expectations last quarter and predicted that its annual artificial intelligence (AI) revenue will double. The stock was rewarded with a price gain of more than 32 percent. Peers such as Broadcom, Qualcomm and Micron Technology rose to more than 11 percent after that.

On Thursday, the strong results and expectations of the American chip maker Nvidia already caused optimism in the chip industry. The company said it could not keep up with the demand for data center chips because of the heavy focus on AI applications. Nvidia rose another 2.5 percent on Friday, following a nearly 25 percent jump the previous day.

Gap’s quarterly results were also well received by investors. Although the clothing retailer recorded lower-than-expected sales, profit margins showed a significant improvement. The stock rose more than 12 percent. Ulta Beauty, meanwhile, fell more than 13 percent after disappointing results from the salon chain.