S&P500 +0.78% (3,013.77); NASDAQ +1.01% (8,244.15); DJIA +1.52% (27,332.03)
- June’s CPI rose 1.8% y/y versus May’s +1.6% y/y. Core CPI rose 2.1% y/y versus May’s +2.0% y/y.
- May’s Consumer Credit rose by $17.09 billion from April’s +$17.46 billion. The increase in credit was led by revolving debt.
- Initial Jobless Claims for the week ending July 5th fell by 13K to 209K. Continuing Jobless Claims for the week ending June 28h rose by 27K to 1,723K.
- US stocks rose to new records as investors bet that the Federal Reserve will be able to avoid an economic downturn by expanding its monetary policy. Federal Reserve Chairman Jerome Powell said that the US economic outlook hasn’t improved, which the markets read as a promise to cut interest rates soon. This sparked a wave of money into US stocks.