In the last days of June 2021, Wall Street made some impressive gains. It was seen that the S&P 500 index closed at a new record. The global shares were also performing very well. For the fifth straight week, the oil prices rose. All these are signs of stable market conditions. In the United States, the inflation data was weaker than expected. The US President Joe Biden even secured an infrastructure agreement with an intention to boost the stocks. A gain of 2.7 % was seen in the S & P 500, which is strongest since early February. The bank and Nike stocks rose. Many investors and businesspersons were worried about the inflation data, but now things are stable.
A growth of 0.71% was seen in the Dow Jones Industrial Average (.DJI) that ended at 34,438.58 points. The MSCI's gauge of global stocks also closed at impressive figure of 721.91. After rising to about 0.13%, the pan-European STOXX 600, the European shares made a gain of 1%. There were concerns about higher inflation rate and as a consequence and the prominent central banks were raising interest rates. The Germany's DAX (.GDAXI) made a gain of about 0.12% while the Britain's FTSE 100 index (.FTSE) edged by about 0.37%. The latest economic data is very positive. The senior market analysts are happy that the latest inflation data is a vote of confidence. As most economies are attaining financial stability and simultaneously the government in many countries is providing economic packages. The rate of employment is continuously going down.
A growth of 0.89% was seen in the emerging market stocks (.MSCIEF). Japan's Nikkei (.N225) made a gain of 0.66%. In response to the pandemic, monetary and fiscal stimulus packages are released which are boosting the financial assets. Although the pace of economic recovery for all the regions is not the same. According to some of the senior strategists, the US infrastructure spending plan aims to boost the economy but without overheating it.
For the fifth straight week, the oil prices were seen rising. The demand for oil is steadily rising, and OPEC is considering enhancing the oil production. A growth of 0.8% or 62 cents was seen in Brent futures and it settled at $76.18 a barrel while a growth of 1.0% or 75 cents was seen in the U.S. West Texas Intermediate (WTI) crude. It settled at $74.05. In comparison to the greenback, the Japanese Yen strengthened by about 0.09%. The Euro also made a gain of about 0.07%. Several Latin American currencies were seen making impressive gains. The spot gold enhanced by 0.3% to $1,779.74 an ounce. A gain of 0.61% to $1,776.60 an ounce was seen in US gold futures.
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