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Wall Street brings home the best weekly result in over two months

Wall Street brings home the best weekly result in over two months. Only in the tech-heavy Nasdaq does it look cloudy.

Wall Street brings home the best weekly result in over two months
Yazar: Tom Roberts

Yayınlanma: 27 Haziran 2021 18:38

Güncellenme: 7 Kasım 2024 10:25

Wall Street brings home the best weekly result in over two months

Wall Street brings home the best weekly result in over two months on Friday. The Dow Jones was backed by a rally at Nike and the S&P 500 marks another all-time high. "We are still in a phase in which economic activity continues to rise. But it is normal to see some volatility in the stock market from time to time," said fund manager Hani Redha of PineBridge Investments. But the fundamental support with improving data is crucial. The Dow Jones index rose 0.7 percent to 34,434 points and the S&P 500 rose 0.3 percent. Nasdaq Composite was down 0.1 percent. Rising market rates weighed on technology stocks on the Nasdaq. At Nyse there were 1,860 (Thursday: 2,295) course winners and 1,454 (1,054) losers. 138 (110) titles closed unchanged. As an example of improving data, market participants cited US consumer sentiment. Because according to the revision, it had brightened more clearly than expected in June. At the same time, the inflation rate, which rose less than expected, provided relief for May. Rising inflation had previously fueled investors' fear of a faster decline in central bank funds. "The data let the investors breathe deeply and give them the feeling that the inflation fears could be a bit exaggerated," said market expert Thomas Hayes of the asset manager Great Hill Capital in New York. The dollar came under some pressure with low personal spending, but recovered with very positive consumer sentiment and was practically unchanged in the evening. The gold price strengthened somewhat. Oil prices tended to be firmer. Speculations about the next steps of the OPEC + group resulted in an expansion of production. This should not cover the increasing demand, it said. Yield gains dominated the bond market, the ten-year yield rose by 4 basis points to 1.53 percent - driven by the high inflation data and positive consumer sentiment. There is still a moderate rate hike fantasy, it said with a view to Rosengren.
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