Global Market Square
The U.S. and European stock markets closed with sizable gains Friday following President Biden’s announcement that he had reached a deal with 21 Senate Republicans implementing a bipartisan Infrastructure bill totaling $1.2 trillion.
For the week, the Dow Jones rose 1,143.76 points and the S&P 500 rose 114.25 points, reaching a new record, the Nasdaq Composite climbed 330.01 points, and the Birling Capital Puerto Rico Stock index rose 100.36
In our view, investors have now begun to understand that the rise in inflation is temporary and that as the global supply chain catches up with demand, inflation will let up by the fourth quarter.
Key economic indicators reported:
- U.S. Real GDP rose to 6.40%, compared to 4.30% last quarter.
- U.S. Durable Goods New Orders rose to 2.32%, compared to -0.72% last month.
- U.S. Durable Goods New Orders Year-over-Year fell to 31.71%, compared to 45.60% last month.
- U.S. Personal Savings Rate rose to 21.50%, compared to 13.60% last quarter.
- U.S. Personal consumption expenditures rose to 3.4% for May.
Eurozone Summary for June 25:
- Stoxx 600 closed at 457.63, up 0.59 points, or 0.13%.
- FTSE 100 closed at 7,136.07, up 26.10 points, or 0.37%
- Dax index closed at 15,607.97 up 18.74 points, or 0.12%.
Wall Street summary for June 25:
- The Dow Jones Industrial Average closed at 34,433.84, up 234.02 points, or 0.69%.
- The Standard & Poor’s 500 closed at 4,280.70, up 14.21 points, or 0.32%.
- The Nasdaq Composite Index closed at 14,360.39, down 9.32 points, or 0.06%.
- The Birling Capital Puerto Rico Stock Index closed at 2,517.04, up 38.81 points, or 1.57%.
- The U.S. Treasury 10-year note closed at 1.54%.
- The U.S. Treasury 2-year note closed at 0.28%.