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The S&P 500 heads for its best week since April

Wall Street closed with widespread gains on Thursday and hit record highs on the S&P 500 and the Nasdaq, buoyed by the agreement in the US Senate for an infrastructure plan valued at $ 1.2 trillion.

At the close of the session on the New York Stock Exchange, the selective S&P 500 rose 0.58% or 24.65 points, to 4,266.49, and the Nasdaq index gained 0.69% or 97.98 points, until 14,369.71. The Dow Jones advanced 0.95% or 322.58 points to 34,196.82.

By sectors, the increases in financial companies (1.21%), energy (0.85%) and communications (0.81%) stood out.

The trading floor welcomed the agreement of Republican and Democratic senators on the infrastructure plan proposed by US President Joe Biden with optimism, although there are still no guarantees that it will receive the approval of Congress.

The plan would include new infrastructure investments worth $ 579 billion, including 312,000 million that would go to the transport sector for projects of roads, bridges, railways, electric buses, ports and airports, among others.

The package would involve investments worth $ 1.2 trillion over eight years, a figure lower than what Biden initially proposed in March, of 2.3 trillion, and that the White House had to lower due to criticism from Republicans.

On the other hand, the weekly number of applications for unemployment benefit in the United States fell to 411,000 last week, an improvement over the previous one, although below expectations.

Also, durable goods orders rose 2.3% in May, a slower pace than estimated after the previous month’s decline due to chip supply problems.

Investors were awaiting the results of the stress tests of the country’s main banks at the close of the session, to which they will foreseeably react tomorrow.

Nike shares rose 12% on Wall Street after hours, helping boost confidence in the Dow Jones. The company reported earnings of 93 cents a share, far exceeding Refinitiv’s consensus estimate by 42 cents a share. Revenues reached $ 12.34 billion, beating the consensus forecast of $ 11.01 billion. Digital sales increased 41% from last year and 147% from two years ago.

The actions of the Major American banks exploded after the Federal Reserve announced that the industry could easily withstand a severe recession. The Federal Reserve, publishing the results of its annual stress test, said that all 23 institutions in the 2021 exam remained “well above” the minimum levels of capital required during a hypothetical economic downturn. The decision paved the way for banks to resume paying dividends and buy back more shares, which was suspended during the pandemic.

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Personal income inflation (PCE) for May in the US stood at 3.4% year-on-year, in line with expectations. Inflation figures in line with estimates are a relief to markets and Fed members who were concerned they would skyrocket.

US personal income in May fell -2% year-on-year, compared to the -2.5% expected.

Investors will be on the lookout for a key inflation indicator Friday morning when the Commerce Department releases the Basic Personal Consumption Expenditure (PCE) index. Economists surveyed by Dow Jones expect prices to rise 3.4% in May from a year earlier. Economists also estimate that prices rose 0.6% from April to May.

The index measures price movements in a variety of goods and services. In general, it is also considered a more far-reaching inflation measure, as it captures changes in consumer behavior and has a broader scope than the Department of Labor’s Consumer Price Index (CPI).

Last week, the Dow Jones fell 3.5% and the S&P 500 lost 1.9% as the Federal Reserve advanced its timeline for interest rate hikes.

An initial public offering (IPO) from China Didi Global in New York to raise up to $ 4 billion it has been fully covered on the first day of its demand prospecting or “bookbuild” process, although some investors fear that the tightening of rules could hurt growth, sources with direct knowledge of the process said.

German consumer confidence improved more than expected heading into July, as buyers became more optimistic and willing to buy after Europe’s largest economy lifted lockdown measures and coronavirus cases fell sharply, according to showed a poll on Friday.

The German GfK institute said its consumer confidence index, based on a survey of about 2,000 Germans, rose to -0.3 points, its highest level since August last year and higher than a revised reading of -6, 9 points in the previous month.

The euro appreciates against the dollar by 0.17% and is exchanged at 1.1946 ‘greenbacks’.

In the commodity market, oil prices are mixed. A barrel of Brent, the benchmark in Europe, is trading flat at $ 75.41 per barrel, while the US West Texas falls 0.15% to $ 73.08.

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