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Saturday, May 15, 2021

U.S. Markets Surge as Retail Sectors Report 10 Percent Growth and Jobless Claims Reach Record Low

U.S. markets are poised to break records following a report out of the retail sector that sales rose 10% in March and a report from the Department of Labor that jobless claims fell to 576,000.

The Dow is currently up just over 200 points to 33,932 (+0.6%) while the S&P 500 is up 26 points to 4,151 (+0.64%). The Nasdaq sees a welcome surge of 126 points to 13,982 (+0.9%) as FAANG stocks trend up across the tech sector. Tesla, as in previous days, is the only outlier, down 3% in todays market.

U.S. retailers have reported a 10% surge in sales following the implementation of the $1,400 stimulus checks given to consumers by the federal government. This beats the previously estimated 6.1% that Wall Street analysts had predicted for March.

Jobless claims fell by 193,000, marking the lowest rate of unemployment claims since March 14 2020. This news comes shortly after use of Johnson & Johnson’s vaccine was paused by the FDA and CDC, causing market turmoil earlier in the week.

Cryptocurrency continues to break records, as Dogecoin spikes to over 10 cents in value. Bitcoin and Ethereum both skyrocketed yesterday prior to the launch of Coinbase’s IPO, whose shares almost instantly spiked to $400 before coming to rest at $325 in this morning’s market. Bitcoin is currently down off it’s $63,000 high, falling to $62,875 (-0.2%). Ethereum is still at record highs, up above $2,400 in value.

European markets are mixed this morning, with the Stoxx 600 up 1.84 points to 438 (+0.44%) but London’s FTSE struggles, falling 83 points to 24,493 (-0.33%). The DAX keeps pace with the Stoxx 600, posting a 48 point gain to 15,257 (+0.32%).

Asian markets are mostly down, as Shanghai’s Composite (SHCOMP) sheds 17 points to 3,398 (-0.52%). Hong Kong’s Hang Sang Index (HSI) drops 107 points to rest at 28,793 while Japan’s Nikkei 225 is up 21 points to 29,642 (+0.07%).

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