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Opening session of the week wrapped on a high note; benchmarks setting new records
Losses from last Thursday were neutralized as the major indexes set off with big gains at the start of this week.
With the consumer demand continuously growing after restrictions due to the pandemic are slowly being downgraded, analysts are expecting massive earnings from S&P companies estimated to be at 64% more compared to last years.
Aside from the earnings season that was about to officially start, investors are also looking forward to Federal Reserve Chair Jerome Powell's testimony, which is his semi-annual Monetary Policy Report, before the Congress.
This is scheduled to happen on Wednesday and Thursday, in which analysts suspect that their viewpoint would start switching to dovish outlook regarding economic recovery, especially after the June jobs report was released. The report indicated mixed results which practically meant that the recovery, although underway, is crawling at a snail's pace.
The Dow Jones Industrial Average increased by more than 100 points or 036%, raising it to ne record levels. S&P 500 increased by 0.34% as well as NASDAQ Composite Index which jumped by more than 30 points or more than 0.20%%. Traders are anticipating that the momentum of the current market will stabilize since the Q2 earnings reports are almost out, and analysts are expecting further increase on most companies.
The 10 Year Treasury yield increased by 0.7 basis points ending at 1.3630%.
A short list of the Market movement is listed below:
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