Global Market Square
The U.S. and European stock markets ended the week slightly higher, closing the month with solid gains for the Dow Jones, which rose 654.60 points, and the S&P 500 in the black, rising 22.94. Meanwhile, the Nasdaq Composite ended the week higher but lost 213.94 over the month.
In our view, the markets continued their trajectory, absorbing the GDP and jobs data and the generally positive economic tone.
Friday’s main headline was President Joe Biden’s $6 trillion budget for 2022; additionally, the Republicans presented their $928 billion counter proposal to the White House’s infrastructure bill. Investors are more interested in the infrastructure bill because the potential tax hikes to pay for the plan pose the most significant threat to the economic recovery.
Two key benchmarks reported:
- US Personal Income fell to 13.14%, versus 20.88% last month. The decline reflects the lack of stimulus checks in March.
- U.S. Personal Consumption Expenditures rose to $15.07 Trillion, up from $14.54 Trillion last quarter, an increase of 3.66% over the previous quarter.
Eurozone Summary for May 28:
- Stoxx 600 closed at 449.18, up 2.74 points, or 0.61%.
- FTSE 100 closed at 7,022.61, up 2.94 points, or 0.04%
- Dax index closed at 15,519.98, up 113.25 points, or 0.74%.
Wall Street summary for May 28:
- The Dow Jones Industrial Average closed at 34,529.45, up 68.81 points, or 0.19%.
- The Standard & Poor’s 500 closed at 4,204.11, up 3.23 points, or 0.08%.
- The Nasdaq Composite Index closed at 13,748.74, up 12.46 points, or 0.09%.
- The Birling Capital Puerto Rico Stock Index closed at 2,650.72, up 27.83 points, or 1.06%.
- The U.S. Treasury 10-year note closed higher, at 1.58%.
- The U.S. Treasury 2-year note closed higher, at 0.14%.