Friday 2 July 2021

S&P 500 hits record high, economic growth to “stay strong”

Markets were mostly higher on Thursday.

the S&P 500 rose 0.5 percent to a record high and the STOXX Europe 600 rose 0.6 percent. However, the Nikkei 225 fell 0.3 percent.

Economic data on Thursday were mixed.

The ISM manufacturing PMI fell to 60.6 in June from 61.2 in May.

The Caixin/Markit China manufacturing PMI fell to 51.3 in June from 52.0 in May.

IHS Markit’s eurozone manufacturing PMI rose to 63.4 in June, the highest reading since the survey began in June 1997, from 63.1 in May.

Brent Schutte, chief investment strategist at Northwestern Mutual, said that he expected economic growth is “going to stay strong” and that “you still want to be invested in things where earnings growth is more cyclical in nature”.

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