April 30th Market Report
Market Horizon: Economic Recovery
Friday morning, gold hit $1,777. The yellow metal is seeing some momentum as inflation pressure looms over the United States. Core inflation is up to 1.8% to end April; up from just 1.4% in February.
The S&P 500 hit an all-time high early in the week hastened by Federal Reserve accommodation and favorable corporate income. Futures rose, treasuries slipped and the dollar strengthened.
Commodities rose to an almost 3-year high and copper rallied, hitting the biggest high since 2011. Analysts posit that pandemic recovery is driving the metal market rally. Palladium is undergoing a rise in popularity due to an increase in supply needs from the automotive industry.
President Joe Biden gave his first joint address Wednesday and discussed his accomplishments in his first 100 days of office. President Biden also discussed a $2 trillion infrastructure plan, in addition to a $1.8 trillion plan for families, children, and students.
Reportedly, the U.S. economy has seen growth of around 6.6% annualized in 2021 Q1, up around 2% compared to 2020 Q4. The growth is largely attributed to an increase in consumer spending and the reopening of businesses. Jobless claims are now reportedly at 540,000, down slightly. These strides lead analysts to conclude that market recovery is on track, following wanes during the COVID-19 pandemic.
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