The Long and Short of it, week ending 16 Apr 2021

Publication Type: Market Commentaries

The FDA suspension of J&J’s vaccine and uncertainty regarding earnings releases left U.S. stock markets directionless and slightly lower through Wednesday last week. Very strong bank earnings reports, lower-than-expected jobless claims and much stronger-than-expected retail sales and housing starts and permits powered U.S. stock markets higher with both the S&P 500 Index and Dow Jones Industrial Average reaching new highs. 10-year U.S. Treasury rates fell 9bps on the week boistered by strong auction demand for U.S. Treasury notes and despite stronger-than-expected economic data and Fed Chair Powell’s comments the Fed would likely scale back bond purchases well before increasing rates. For the week, the S&P 500 Index increased 1.4% to 4,185.47, the Dow Jones Industrial Average increased 1.2% to 34,200.67, the Nasdaq Composite Index increased 1.1% to 14,052.34, the 10-year U.S. Treasury rate fell 9bp to 1.57% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.7%. 

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The Long and Short of it, week ending 16 April 2021

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