The Long and Short of it, week ending 09 Apr 2021

Publication Type: Market Commentaries

U.S. stock markets moved higher last week, powered by a stronger-than-expected payroll report (released the previous Friday while markets were closed), FOMC minutes affirming the Fed’s continued accommodative approach and a much better-than-expected ISM Non-Manufacturing Index release. Both the S&P 500 Index and Dow Jones Industrial Average closed the week at record highs while the Nasdaq Composite Index climbed out of correction territory. A higher-than expected PPI release had limited effect on longer-term interest rates and helped pushed stock markets higher on Friday. For the week, the S&P 500 Index increased 2.7% to 4,128.80, the Dow Jones Industrial Average increased 2.0% to 33,800.60, the Nasdaq Composite Index increased 3.1% to 13,900.19, the 10-year U.S. Treasury rate fell 1bp to 1.67% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.8%.

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The Long and Short of it, week ending 09 April 2021

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