The Long and Short of it, week ending 12 July 2021

Publication Type: Market Commentaries

Despite an up-and-down week for U.S. stock markets, all three major U.S. stock indexes once again reached record highs. Increasing concerns regarding the spread of the Delta Covid-19 variant and the resulting effect on economic growth as well as larger-than-expected jobless claims drove both U.S stock markets and the U.S. 10-year Treasury rate lower through Thursday. The S&P 500 Index, for example was down almost ¾ percent through Thursday while the 10-year U.S Treasury rate was 14bps lower. Stock markets rallied strongly and 10-year U.S. Treasury rates rose Friday on no real news but perhaps as coronavirus fears retreated and possibly as a result of the ECB’s decision to
raise their inflation target while maintaining their current historically accommodative monetary policy At week’s end, the S&P 500 Index increased 0.4% to 4,369.55, the Nasdaq Composite Index rose 0.4% to 14,701.92, the Dow Jones Industrial Average gained 0.2% to 34,870.16, the 10-year U.S. Treasury rate fell 7bps to 1.36% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.1% percent.

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The Long and Short of it, week ending 12 July 2021

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