Friday, 21 May 2021

Markets rise, US economy “humming along”

Markets rose on Thursday.

The S&P 500 rose 1.1 percent, the STOXX Europe 600 rose 1.3 percent and the Nikkei 225 rose 0.2 percent.

A report in the US on Thursday showed that the number of first-time claims for unemployment benefits for the week ended 15 May came in at 444,000, the lowest since 14 March 2020.

“The jobless claims read shows once again that that we’re heading in the right direction,” said Mike Loewengart, managing director of investment strategy at E-Trade Financial.

“The economy is doing a little bit better than people expect. It's actually humming along,” Honeywell CEO Darius Adamczyk told CNN.

However, the improvement in the economy is driving up inflation.

“We are seeing accelerating inflation, both in terms of material and labor,” said Adamczyk.

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