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Bob Carey
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  US Stock Markets Ended July 23, 2021
Posted Under: Weekly Market Commentary

 
The S&P 500 Index returned 1.97% last week, climbing to an all-time closing high on Friday of 4,411.79. The Dow Jones Industrial Average also set a closing record on Friday, closing over 35,000 for the first time. Equity markets had a rough start to the week on Monday as the S&P 500 Index declined 1.59%, its worst trading day since May 12. Rising COVID-19 cases globally due to the Delta variant increased concerns of future economic growth as energy, financials, and materials were hit the hardest. Oil prices also declined on Monday, losing 7.51% on the economic concerns and OPEC+ agreeing to increase daily supply. By Tuesday's close, the large-cap index had recovered most of Monday's loss and continued its upward trend the remainder of the week as the communications services, information technology, and consumer discretionary sectors led the rally, leaving only utilities and energy to post losses for the week. Crude oil also rallied back from Monday's decline, closing at $72.07 per barrel on Friday, gaining 36 basis points for the week. U.S. initial jobless claims of 419K were much higher than the expected 350K and the previous week's claims of 360K. Biotech company Moderna Inc., known for its mRNA COVID-19 vaccine, was the best performing member of the S&P 500 Index last week, returning 21.79%. The company had several announcements including receiving emergency use authorization in India, in Japan for children 12 to 17 years old, and an authorization recommendation for use in adolescents 12 years and up by the European Medicines Agency. The company had a few analysts raise their price targets last week and was added to the S&P 500 Index on Wednesday. Other top performers included Chipotle Mexican Grill Inc. and HCA Healthcare Inc., returning 17.33% and 13.35% respectively. Both companies announced positive second quarter earnings surprises. Earnings announcements are in full swing and companies expected this week include Apple Inc., Microsoft Corp, Amazon.com Inc., Alphabet Inc., Facebook Inc., Tesla Inc., Visa Inc., and many more.
Posted on Monday, July 26, 2021 @ 8:22 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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