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Global Market Square

By on April 9, 2021

The U.S. stock market further extended its gains Friday, delivering a solid week for global stocks that have raised benchmarks at or near their records in the U.S., with the S&P 500 breaking another record to close at 4,128.80.  The markets in Europe and Asia closed with mixed results.

The week ended without significant headlines or market turmoil.  When the stock market is trading near its highs, the market volatility index seems to become subdued. This has not been the exception, given that in the last seven trading days volatility has been lower than historical averages for the first time in more than a year.

Two key benchmarks reported:

  • U.S. Producer Price Index rose to 0.98%, versus 0.49% last month, much higher than estimates.
  • U.S. Producer Price Index rose 4.23%, versus 2.79% last month and 0.34% last year. This price increase is higher than the long-term average of 1.58% and the fastest pace since 2011. In China, similarly, producer prices increased 4.4%, the most significant jump since 2018. The contributing factors are rising shipping costs, massive supply chain disruptions and rising commodity prices, all linchpins of higher inflation, which show up when the consumer price index is reported. 

Wall Street summary for April 9, 2021:

  • The Dow Jones Industrial Average closed at 33,800.60, up 297.03 points, or 0.89%.
  • The Standard & Poor’s 500 closed at 4,128.80, up 31.63 points, or 0.77%.
  • The Nasdaq Composite Index closed at 13,900.19, up 70.88 points, or 0.51%.
  • The Birling Capital Puerto Rico Stock Index closed at 2,467.02, up 36.77 points, or 1.51%.
  • The U.S. Treasury 10-year note closed at 1.67%
  • The U.S. Treasury 2-year note closed at 0.16%.

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