Wealth Daily 27 June 2022



WEALTH DAILY 2022-06-27
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Shares on Wall Street rallied last Fri, building on a rally that began earlier in the week. The Dow Jones Industrial Average gained 823.32 pts, or 2.68%, to close at 31,500.68. The broader S&P 500 index rose 3.06%. The tech-heavy Nasdaq Composite advanced 3.34%. The small-cap Russell 2000 gained 3.16%. 


Megacap tech stocks rose last Fri, including Apple (AAPL US, +2.45%), Microsoft (MSFT US, +3.41%) Amazon (AMZN US, +3.58%), Alphabet (GOOGL US, +5.11%), NVidia (NVDA US, +5.55%), and Meta Platforms (META US, +7.19%). 


For the week, the Dow rose 5.4%, the S&P 500 gained nearly 6.5%, while the Nasdaq Composite jumps 7.5%. Shares found their footing last week after US Treasury yields began to pull back and commodity prices slid. 


However, on Fri, the stock market surge was accompanied by higher Treasury yields and crude oil prices. The yield on the 10-year Treasury note notched up 4.31 basis points (bps) to 3.1301%, while the yield on the 2-year Treasuries rose 4.86 bps to 3.0632% on Fri. 


The front-month Brent and WTI futures closed up $3.07 at US$113.12/bbl and $3.35 at US$107.62/bbl respectively.  The ICE dollar index (DXY), which measures the strength of the greenback against a basket of currencies, fell 0.24% to 104.185. 


The most actively traded US gold futures (Aug) contracts settled up $0.50, or 0.03%, at US$1,830.30/oz. July silver, which is the most actively traded silver futures, rose 8.3 cents, or 0.4%, to end at US$21.125/oz.


 Bitcoin (XBTUSD) climbed back above the $21,000 level amid a broader rally in risk assets. Coinbase (COIN US, +6.5%) shares gain as much as 9%. 


European equity markets finished higher last Fri. The UK FTSE gained 2.68%, France's CAC 40 rose 3.23%, while the German DAX advanced 1.59%