Global Market Square
The U.S. stock market ended Thursday’s session pulling back significantly as the selloff of U.S. government bonds continued causing the yield of the 10-year treasury to reach 1.54%.
The selloff was also reflected in most equities. A good example is technology stocks, with the NASDAQ down for a fourth day. Investors continue to carry out stock rotations, preparing their portfolios to be better aligned with sustained and robust economic growth.
On economic news, some of the critical benchmarks reported Thursday follow:
- U.S. Real GDP was pegged at 4.1%, versus 33.4% last quarter, which is higher than the long-term average of 3.17%.
- U.S. Durable Goods New Orders rose to 3.41%; versus 1.3% last month; this is higher than the long-term average of 0.33%.
- U.S. Initial Claims for Unemployment Insurance fell to 730,000, down from 841,000 last week, and a 13.2% drop from the previous week. It is at the lowest level in the past three months.
- U.S. Personal Savings Rate is at 13%, versus 15.7% last quarter; this is higher than the long-term average of 8.76%.
Wall Street summary for February 25, 2021:
- The Dow Jones Industrial Average closed at 31,402.01, down 559.85 points, or 1.75%.
- The Standard & Poor’s 500 closed at 3,829.34, down 96.09 points, or 2.45%.
- The Nasdaq Composite Index closed at 13,119.43, down 478.54 points, or 3.52%.
- The Birling Capital Puerto Rico Stock Index closed at 2,326.99, up 92.39 points, or 4.13%.
- The U.S. Treasury 10-year note closed at 1.54%
- The U.S. Treasury 2-year note closed at 0.17%