This archive report was first published on 5 July 2021.
US stocks closed the week at record highs following a positive jobs report, with major indices such as the S&P 500 and Nasdaq 100 reaching new records.
The report, released on Friday, showed that over 3 million jobs have been created since President Joe Biden took office, with production orders and factory shipments also rising by 1.7%.
President Biden celebrated the positive economic news in a speech commemorating the July 4 holiday, stating that the US is currently seeing “record economic growth” and that the nation’s economy is “roaring back” after experiencing a downturn amid the coronavirus pandemic.
“The best in decades, in the world,” President Biden said of the US economic recovery.
Both the Nasdaq 100 and S&P 500 indices reached record highs on Friday’s close, with the Nasdaq 100 rising by 1.15% and the S&P 500 (up 0.75%) rising for a seventh consecutive day, a feat not seen since 1997.
The Dow Jones closed 0.44% higher, with investors betting big on technology stocks, with Microsoft closing 2.23% higher, Oracle up 2.87%, and Alphabet gaining 2.30%.
However, shares of IBM fell after the company’s announcement of management shifts, and Boeing slid on news of a crashing cargo plane.
On Monday, the US stock markets will be closed in observance of the country’s Independence Day, which falls on Sunday.
Meanwhile, Tesla’s second-quarter vehicle deliveries fell below expectations, but still represented a new record for the electric vehicle maker, with 201,250 vehicles delivered.
Volvo Group reported a record-breaking 41% increase in car sales for the first half of 2021, with 380,757 cars sold globally, driven by strong demand in China, the United States, and Europe.
General Motors announced a 39.7% increase in vehicle sales in the United States for the second quarter of 2021, but fell short of analysts’ expectations due to the chip shortage.
Amazon granted its incoming CEO, Andy Jassy, 61,000 shares of the company’s common stock, which will vest over ten years.
Richard Branson, founder of Virgin Galactic, will go into space on July 11, ahead of fellow billionaire Jeff Bezos, whose company Blue Origin will fly him to space on July 20.
The United States Department has urged El Salvador to ensure Bitcoin is well regulated, with the cryptocurrency set to become legal tender in the Latin American country.
Iraqi Oil Minister Ihsan Abdul Jabbar expressed support for extending the OPEC+ deal until December 2022.
