Weekly Market Update
Tug of War...
In the stock market tug of war, the bulls are back in the game.
Weekly Market Update
The summer temperatures and the stocks on Wall Street have been soaring high in the last few weeks.
On Thursday, the Dow Jones Industrial Average tied a record from 1987 after going up for 13 days in a row since July 7.
The positive streak of the DOW ended in response to the increase of interest rates by 0.25% by the US central bank, bringing the new range from 5.25% to 5.5%.
The earnings season is in full swing; corporate news has been quite good. 81% of the S&P 500 companies have beaten earnings estimates, which is better than the usual 77% beat rate.
The stock rally will be tested again this week, with 165 S&P 500 companies( including index heavyweights like Apple and Amazon) expected to report their latest quarterly results.
Meanwhile, this week, more economic data, including July payrolls and the closely watched job openings reports, could shape market movements.
Here is a snapshot of the global indices;
Source: Google
