Stocks continues to rise; record levels being set for the second consecutive day
Market session started with a downward trend only to be reversed in the afternoon to set new record levels after traders digested a mixed set of economic data plus the optimism regarding the US government allocating more on infrastructure.
S&P 500 managed to end on the positive note after the information technology and healthcare sectors produced outstanding moves in today's market. These moves were the result of the jobless claims report that came in reflecting that it hit consensus, while the producer price increase was also released and was better than expected.
The Labor Department's latest print on consumer price index was also another factor that contributed for the equities' movements, and the report states that the prices for July showed an increase of 0.5% month over month which is significantly lower compared to June's and is within the expectations.
The other factor fuelling the current market movement is the US Senate's approval of the $1 trillion infrastructure bill, which resulted to the stocks of companies that would benefit from this to gain. There was also a suggestion to modify and improve the bill to a $3.5 trillion budget to accomplish more things in line with the US administration's goals.
Analysts suggest that the market's movement are now at the peak and it is possible that in the next few months, everything else is going to decelerate as many factors are pointing to this, such as the slowdown in growth and inflation.
Summarized below are today's movement as of 4 p.m. New York's time:
- NASDAQ Composite Index stepped up to 14,816.26 after gaining 0.35% or 51.13 points.
- The Dow Jones Industrial Average closed at 35,499.85 and went up by 0.04% or 14.88 points.
- S&P 500 Index moved higher by 0.30% or 13.13 points and wrapped at 4,460.83.
- U.S. 10 Year Treasury yield now at 1.3670%.
- Gold stepped up by 0.10% or $1.80 and now at $1,755.10 an ounce.
- Crude tripped by 0.48% or $0.33 at $68.92 per barrel.
Cryptocurrencies have found their momentum and is currently on an upward trend for the past few days now. Here's the latest from the most widely known cryptocurrencies:
- Bitcoin (BTC) - $47,651.98
- Etherium (ETH) - $3,303.41
- Ripple (XPR) - $1.18
- Bitcoin Cash (BCH) - $669.17
- LiteCoin (LTC) - $183.08
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