The Long and Short of it, week ending 22 Jan 2021

Publication Type: Market Commentaries

Week in review:
U.S. stock markets were higher last week with stock prices supported by strong economic reports and hopes of additional stimulus spending. Slightly lower-than-expected jobless claims, a strongerthan-expected PMI Composite Flash Index release and much better-than-expected housing starts and permits and existing home sales combined with Janet Yellen’s call for additional, larger stimulus spending and President Biden’s announcement of a $1.9 trillion stimulus package helped move stock prices higher through most of the week. The Nasdaq Composite Index closed the week at a record high elevated by strong performance by Apple, Amazon, Facebook and Netflix while the S&P 500
Index, hurt by poor IBM and Intel earnings reports, closed just off its record high set Thursday. At week’s end the S&P 500 Index increased 2.0% to 3,841.47, the Nasdaq Composite Index rose 4.2% to 13,543.06, the 10-year U.S. Treasury was unchanged at 1.09% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.6%.

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The Long and Short of it, week ending 22 Jan 2021

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