Overcoming concerns brought about by violent protests, fears of a second coronovirus wave and increasing U.S.-China tensions, U.S. stock markets marched higher last week, only pausing momentarily on Thursday, supported by growing optimism of a faster-than-expected economic recovery due to easing lockdown restrictions at home and abroad. An unexpected 2.5 million increase in non-farm payrolls (expectations were for a loss of about 8 million jobs) was the proverbial icing on the cake, pushing U.S. stock markets 2%-3% higher on Friday. Throughout the week the 10-year U.S. Treasury rate climbed higher as well, moving with increasing expectations of stronger, faster U.S. economic growth while the U.S. dollar weakened significantly mainly as result of lessening coronavirus concerns decreasing demand for U.S. dollars. At week’s end the S&P 500 Index increased 4.9% to 3,193.93, the 10-year U.S. Treasury rate rose 24bps to 0.90% and the U.S. dollar (as measured by the DXY Index) weakened 1.4%.
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