US Markets- The Week Ahead 23/6/2014
After last week's record breaking performances, this week should provide plenty of economic indicators for the local indexes to get their teeth into.
Both the Dow and S&P secured record closes last Friday, both indexes managed 1% gains for the week and the Dow is over 2% up for the year with the S&P a substantial 6.2% up year to date. The main question is, will this continue.
With oil hitting breaking $115.00 a barrel last week on the concerns out of Iraq and their renewed Sunni violence, energy seems to be the area of most volatility at this time. With the Ukraine crisis no closer to a reasonable resolution and the new issue with Iraq pushing up the price of oil, this right here could be the stumbling block for the markets.
This week see's a whole host of data out of the US as the month closes down.
Today we receive the Markit Manufacturing PMI flash which is expected to have expanded along with existing home sales data and the 3/6mth bill Auction.
This kicks a heavy week off with a range of housing data due, important GDP Growth data, personal spending figures and a long list of local government statements which will no doubt be eagerly awaited.
Looking ahead, the majority of this data is forecast to beat expectations and should help the bulls continue their epic run of late.
Last week the Federal Reserve did little in the way of change their stance, in fact, the same line has come from Ms. Yellen for the last few months. They see the economy in expansion, they are continuing to reduce their asset purchase program and their main cause of concern for the future is employment. No real shockers there.
Expect the markets to continue their run, be wary of news out of Iraq as this may be the news which will slow down the global economic growth we have seen of late.
Key Market Data as of 23/6/2014:
Dow: 16,947.87 (+0.15%) S&
Nasdaq: 4,368.04 (+0.20%)
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