Last week, markets moved up on positive economic reports, including a jump on Friday following a positive BLS employment report. The Dow increased 1.5%, closing at 15,135. The S&P 500 jumped 1.6% closing at 1,631, while the NASDAQ increased 2.2% to finish the week at 3,479. • In economic news, the ISM index increased to 50.9 in June from 49.0 in May, exceeding expectations. • Factory orders increased 2.1% in May, up from 1.3% in April as unfilled orders remain on an upward trend. • Initial claims for unemployment decreased to 343,000 for the week ending June 29thfrom 348,000 the prior week. Continuing claims fell from 2.98 million to 2.93 million for the week ending June 15th. • While unemployment remained at 7.6% for June, non-farm payrolls added 195,000 jobs in June while private payrolls were up 202,000 jobs. The strong gains in payrolls increase the probability that the Fed will begin tapering its monetary easing policy by the end of the year.
Posted on: Mon, 08 Jul 2013 15:07:56 +0000
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