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US Stocks Close Higher, but S&P 500 Still See Losses for the Week

The present fear of the Delta virus spread, adding to the US Federal Reserve’s tapering of their bond purchases, and China’s regulatory crackdowns were all the factors impacting the markets this week.

US stock indices closed higher on Friday; however, the week overall was in a loss. The market tried to recover on Friday, with techno stocks leading in the S&P 500 and the energy sector catching up after a week of declining oil prices.

The S&P 500 gained 0.81% to 4441.67; the Dow Jones gained 0.65% to 35120.08; and the Nasdaq Composite gained 1.19% to 14714.66.

However, the weekly performance was not looking good, with the S&P 500 sliding by 0.6%. The Dow decreased by 1.1%, and the Nasdaq declined by 0.7%.

US, What was driving the markets?

This week was filled with worry over the rapid rise in US Covid cases; a sharp rise in deaths and hospitalizations surged. The average daily cases in the US increased to 143,827 since Thursday, which is 44% up from two weeks ago. This is the highest since February this year. Now, the Fed is reconsidering its tapering plans. 

Companies in focus this week were Deere & Co, whose quarterly earnings were due Friday. Their quarter three profit more than doubled, well above expectations. Shares dropped by 2.1% on Friday. 

Foot Locker gained 7.3% after a solid earnings report exceeded expectations. 

The Ten year Treasury yield increased by two basis points to 1.259%. However, it was down 3.8 basis points for the week. On the bright side, the US dollar index, which measures the strength against other major currencies, dropped 0.1%, trading at the nine-month high.

Oil futures continued to slip, and prices decreased for the seventh consecutive day. Gold futures increased to $1784 per ounce. 

This week’s focus will be US quarterly GDP, crude oil inventories, initial jobless claims, and existing home sales. The UK’s PMI and the ECB’s monetary policy meeting for Eurozone. Furthermore, the markets will be focused on the Covid-19 Delta variant infection rates.


Justin N. Richards

Justin N. Richards is a Florida-based technical analyst, market researcher, educator, and trader. Justin began his career in Chicago in 2001 performing futures market analysis for floor traders at the Chicago Board of Trade and the Chicago Mercantile Exchange. He also worked for numerous brokerage firms during that time, all of which hold him in high regard, and he has been providing outstanding analysis services for traders worldwide ever since. Mr. Richards is an expert in the area of market patterns, price and time analysis as it applies to futures, Forex, and stocks. In addition to these talents, he provides educational services for investors looking to improve their analysis and trade skills. Justin has a B.A. in Business Administration from UCLA and an M.S. in Financial Markets and Trading from the Illinois Institute of Technology. Justin’s professional experience, education, and discipline, not only make him an exceptional analyst, they point him out as a reliable, hard working and intelligent business strategist who is dedicated to his craft.
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