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Wall Street recovered from the previous day's taxes

On the last trading day of the week, Wall Street presented itself significantly recovered from the previous day's taxes.

Wall Street recovered from the previous day's taxes
Yazar: Tom Roberts

Yayınlanma: 10 Temmuz 2021 03:57

Güncellenme: 6 Kasım 2024 08:21

Wall Street recovered from the previous day's taxes

On the last trading day of the week, Wall Street presented itself significantly recovered from the previous day's taxes. On Thursday, the S&P 500 - triggered by heightened economic worries - recorded the strongest daily loss in around three weeks, and by the weekend it reached a new all-time high. The Nasdaq composite also reached a record high on a closing basis. Investors were already looking confidently to the reporting season for the second quarter that started next week. The Dow Jones index rose 1.3 percent to 34,870 points, the S&P 500 gained 1.1 percent, while the Nasdaq composite rose 1.0 percent. 2,631 (Thursday: 732) price winners and 723 (2,605) losers were seen. 111 (119) titles closed unchanged. Randy Frederick from the Schwab Center for Financial Research commented on the ups and downs of the market: The market currently does not know whether it wants bad data and thus cheap money or good data and thus a tighter monetary policy. This battle will continue to rage until the reporting season reveals new information. Next Tuesday, the banks will open the season with Goldman Sachs and JP Morgan. "The music has changed. We are entering a new phase for the markets," said Luca Paolini, chief strategist at Pictet Asset Management, referring to the heavy losses on Thursday: "There has been a shift in the fundamentals of the market from high Given growth and lower inflation towards higher inflation and weaker growth. " Oil prices continued their long-term upward trend. From a weekly perspective, however, there is a minus to be booked. After the multi-year highs on Monday, oil prices fell sharply in the days that followed. After Opec + was unable to agree on an increase in funding, concerns dominated that the members could raise funding on their own initiative. The dollar trended lighter, the dollar index lost 0.3 percent. The euro advanced to 1.1879. The participants were a little braver, which put the dollar under pressure. At the same time, the greenback gained somewhat against the "safe haven" yen, after having given up significantly the day before. The price of gold rose and moved upwards from the $ 1,800 mark. The precious metal is benefiting from the search for security due to the re-spreading coronavirus pandemic, it said. It was the highest weekly profit in seven weeks, also boosted by the capricious stock market, the falling dollar and the sharply falling yields. US bond yields rebounded from the recent hefty downturn, which last led them to their lowest level since February. The ten-year return rose 6 basis points to 1.36 percent.
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