Stock market is currently thriving
The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all closed at brilliant levels on Friday.
The Dow reached 25,000 points, its peak in the past 30 days. The S&P 500 hit its highest point in the past five months. And finally, the Nasdaq closed at a record high.
This growth largely stems from the continued success of major tech companies like Amazon, Microsoft, and Google, which all reached record highs on Friday.
Success in these markets can largely be attributed to big banks’ impressive earnings reports, as well as ease surrounding the trade war with China. The price of U.S. imports also fell 0.4 percent due to lower food and energy prices. Contrarily, the export price index rose 0.3 percent.
However, the economy isn’t thriving in every aspect. University of Michigan’s Consumer Sentiment Index, a measure of consumer confidence, decreased by over a point in July, bringing it down to 97.1. While this is still very high, the Consumer Sentiment Index will negatively impact the economy if it continues to decline.
The stock market has an important week ahead; President Donald Trump is set to meet with Russian President Vladimir Putin, and more major corporations and banks–such as Goldman Sachs and Microsoft–will reveal their earnings reports.
Depending on what happens during said events this week, the stock market could either see a continued increase in growth or an instant decline.
Featured Image via Pixabay/geralt
