Bellwether stocks post negatives for the week but hold on to monthly gains
It was a week of lows with a silver lining of highs. All the U.S. stock indexes closed lower on Friday, posting a weekly loss to close out the month, with renewed concerns about a rise of cases of the delta variant of COVID-19 and disappointing results from Amazon.com partly blamed for the slump.
That being said, the three Bellwether stocks held on to their monthly gains.
Also, interest rates in the U.S. haven’t been this low in 5,000 years, says a finding in the latest Bank of America flow show report.
Analysts remain divided on how this will bear on Wall Street as some claim that very low interest rates could make stocks worth more by boosting the value of future profits. Others offer an equally plausible view that falling yields denote pessimism about the economy that make stocks less valuable in anticipation of sluggish growth.
Technology stocks contributed to the drop in U.S. stocks. Equities were pressured after Amazon (AMZN) delivered disappointing quarterly results. Psst…Amazon shares fell 7.6%.
For the week, the S&P 500 had a 0.4% weekly loss, but the index rose 2.3% for July, marking its sixth consecutive monthly advance. The Nasdaq fell 1.1% for the week holding on to a 1.2% monthly gain, while the Dow saw a 0.4% weekly drop and a 1.3% July advance.
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