Global Market Square
The U.S. and European stock markets ended Thursday with mixed results. The shift away from value sectors towards technology and growth stocks is worth noting; because of it, the Nasdaq Composite closed up by 121.67 points. The incessant inflation fears have now given way to concerns about the shape of the economic recovery stemming from the significant 9.87% rise of initial claims for unemployment insurance.
As we review the economic reports, we note the following:
- U.S. Initial Claims for Unemployment Insurance rose to 412,000, up from 375,000 last week, an 9.87% increase.
- U.S. import prices rose in May 1.1 percent, following a 0.8 percent increase in April.
- The price index for U.S. imports advanced 11.3 percent for the year ended in May.
While the initial claims for unemployment insurance rose for the first time in six weeks, the expectation is for a recovery to follow as the services sector begins to increase its employment levels.
Eurozone Summary for June 17:
- Stoxx 600 closed at 459.29, down 0.57 points, or 0.12%.
- FTSE 100 closed at 7,153.43, down 31.52 points, or 0.44%
- Dax index closed at 15,727.67, up 17.10 points, or 0.11%.
Wall Street summary for June 17:
- The Dow Jones Industrial Average closed at 33,823.45, down 210.22 points, or 0.62%.
- The Standard & Poor’s 500 closed at 4,221.86, down 1.84 points, or 0.04%.
- The Nasdaq Composite Index closed at 14,161.35, up 121.67 points, or 0.87%.
- The Birling Capital Puerto Rico Stock Index closed at 2,618.91, up 11.57 points, or 0.44%.
- The U.S. Treasury 10-year note closed at 1.52%.
- The U.S. Treasury 2-year note closed at 0.23%.