12 Apr

Stocks recorded their longest weekly rally since October

April 12, 2021

by JustForex

Stocks climbed to a new record as investors ignored inflation and focused on the outlook for an economic recovery. Treasuries fell and the dollar rose.

The S&P 500 closed above 4,100 for its third weekly rally in a row – the longest one since October, despite the fact that trading volume on the US stock exchanges hit a new low this year.

Stocks increased from March 2020 lows to around 85% as Federal Reserve officials assured markets about favorable policy. Vice Chairman Richard Clarida said that he will look for the signs of hitting inflation targets before raising interest rates. Nevertheless, the report showing the rise in producer prices added fuel to the fire by discussing the trajectory of inflation.

“This is incomprehensible information,” said Giorgio Caputo, who is a senior fund manager at JO Hambro Capital Management. “It is important to consider the important points of what is really happening – prices are rising because domestic demand is recovering.” Gold is correcting on the back of rising stock prices. Quotes decreased by 0.7% to $1,742.83 per ounce in the American session. WTI crude oil continues to consolidate around $59 p/b.

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S&P 500 (F) 4,109.88 -9.62 (-0.23%)

Dow Jones 33,800.60 +297.03 (+0.89%)

DAX 15,230.45 -3.71 (-0.02%)

FTSE 100 6,856.74 -59.01 (-0.85%)

USD Index 92.265 +0.105 (+0.11%)

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by JustForex

 

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.


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