Thursday, December 3, 2020

Market roundup for July 31

By on July 31, 2020

Month in Markets—July 2020: U.S. GDP contraction, surge in COVID-19 cases, tech stocks sway markets

SAN JUAN — The U.S. stock market ended July with a bang, driven by the quarterly earnings of Apple, Microsoft, Amazon, Facebook and the expectation that the $1 trillion Stimulus 4 proposal presented by Senate Republicans with the blessing of President Trump and Treasury Secretary Steven Mnuchin may be the basis for discussion with Democrats. They are said to meet Saturday to discuss the next virus-relief package.

•       The Dow Jones Industrial Average closed at 26,428.74, up 615.86 points, or 2.39%.         

•       The Standard & Poor’s 500 closed at 3,271.22, up 170.90 points, or 5.51%.         

•       The Nasdaq closed at 10,745.27, up 686.50 points, or 6.82%

•       Birling Puerto Rico Stock Index closed at 1,542.30, up 92.08 points, or 6.35%.       

•       The U.S Treasury 10-year note closed at  0.56% down 15.15%.

•       The U.S. Treasury 2-year note closed at 0.11% down 31.25%

The Federal Reserve warned the fate of the world’s largest economy would “depend significantly on the course of the virus” as the U.S. central bank extended measures to deal with an international shortage of dollars. We believe that the Fed will continue easing its monetary policy and will use its powers to support the recovery.

Companies are either beating estimates or delivering dismal results. Those ranging from retail to food sales to manufacturing reported worse than expected results and some, mainly tech companies and certain banks, saw strong results.

You must be logged in to post a comment Login