(New York) The rebound that began at the end of the week on the New York Stock Exchange did not go the distance on Friday and the indices ended in dispersed order.
Posted on May 21, 2021 at 9:44 a.m.
Updated at 6:21 p.m.
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According to final results, the Dow Jones index rose 0.36% to 34,207.84 points. The technology-heavy NASDAQ lost 0.48% to 13,470.99 points. The broader S&P 500 index closed slightly down 0.08% to 4,155.86 points.
The Toronto Stock Exchange closed lower, despite a rebound in its energy sector after three days of declining crude oil prices.
Toronto’s S & P / TSX Composite Index fell 15.65 points to end the session at 19,527.30 points.
In the currency market, the Canadian dollar was trading at 82.91 cents US, up from its average rate of 82.85 cents US the previous day.
On the New York Commodity Exchange, the price of crude oil rose US $ 1.64 to US $ 63.58 per barrel, while that of gold returned US $ 5.20 to $ 1,876.70 US per ounce. The price of copper retreated 8.7 cents to US $ 4.48 per pound.
“May has been a tough month for stocks,” said Karl Haeling of LBBW.
“We had a sigh of relief when the market stabilized on Wednesday and rebounded nicely on Thursday. But today we were disappointed that we could not solidify ”this rebound, he added.
“The question is to know to what extent investors” who borrowed to invest in the stock market when the market bet on the recovery, “should they deleverage to be comfortable with their positions,” said the analyst.
After the phase of betting on the recovery and stimulus, “we are entering a new phase where we try to assess how long this recovery will last” knowing that the most important risk will be inflation, explained the expert from Landesbank Baden-Württemberg.
Schwab analysts put it this way: “Convictions are torn between a string of good economic data and palpable uncertainty about the Fed and the signs of inflation that continue to emerge.”
Good European indices have caught the attention of investors. Private sector activity in the euro zone recorded its strongest growth in more than three years in May, according to the first estimate on Friday of the composite PMI index by the firm Markit.
In the United Kingdom, activity accelerated in May with the gradual lifting of containment measures, according to a leading indicator, while retail sales jumped in April with the reopening of stores, particularly in clothing.
Similarly in the United States, the PMI manufacturing activity index of the firm IHS Markit posted a record for May, at 61.5.
At the same time, a real estate indicator showed that price increases, to a record high for existing home sales in April, had slowed sales.
Among the shares of the day, Apple, a major member of the NASDAQ index, fell 1.48% to $ 125 as boss Tim Cook testified in the computer giant’s lawsuit against video game publisher Epic Games.
Tesla dropped 1.01% to $ 580, concluding its fifth straight week of decline.
The manufacturer of construction and agricultural machinery Deere, which has benefited greatly from the pandemic, ended up 1.28% after announcing a doubling of its quarterly profits.
The rates on 10-year Treasury bills remained stable at 1.62%.
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