Global Market Square
U.S. and global company shares rallied Thursday, taking stock markets further into record zone following the Federal Reserve Chairman Jerome Powell’s statement that he would use the bank’s power to return the U.S. economy to solid footing. Powell further said during a virtual panel that his ride home takes him over a “tent city,” underscoring the millions of Americans who remain jobless.
The S&P 500 recorded a new record high, and European and Asian markets also rose. All the attention is on the U.S. market and President Biden’s effort to negotiate a new corporate tax rate proposal.
Critical economic benchmarks reported:
- U.S. Initial Claims for Unemployment Insurance rose last week to 744,000, versus 728,000 the previous week, a 2.2% rise and well above the consensus estimates of 694,000. This climb highlights the fact that unemployment remains high when compared to pre-pandemic levels.
- U.S. Manufacturing Shipments were pegged at $502.4 billion, down from $512.67 billion last month, or 2% lower.
- U.S. Manufacturing New Orders fell to -0.80%, versus 2.70% last month.
Most investors continue to assess market dynamics, including fiscal and monetary policy, coronavirus case surges, massive vaccination efforts, the Biden infrastructure plan, and the corporate tax rate increase proposal. Including a global minimum tax.
Wall Street summary for April 8, 2021:
- The Dow Jones Industrial Average closed at 33,503.57, up 57.31 points, or 0.17%.
- The Standard & Poor’s 500 closed at 4,079.95, up 17.22 points, or 0.42%.
- The Nasdaq Composite Index closed at 13,829.31, up 140.47 points, or 1.03%.
- The Birling Capital Puerto Rico Stock Index closed at 2,430.25, down 16.06 points, or 0.66%.
- The U.S. Treasury 10-year note closed at 1.64%
- The U.S. Treasury 2-year note closed at 0.14%.