Livro Beige and Goldman issue warnings but Wall Street clings to recovery – Stock Exchange

The Dow Jones index closed at 0.07% to settle at 34,600.38 points. Its all-time high was reached on May 10, when it touched 35,091.56 points.

The Standard & Poor’s 500 advanced 0.14% to 4,208.12 points. On the 7th of May, he recalled that he scored a record 4,238.04 points.

The Nasdaq Technology Index also rose 0.14% to close at 13,756.33 points.

Consequently, trading on Wall Street recorded modest differences in the major indicators, at a time when investors are waiting for new data from the labor market to get more indications about the development of the economy.

In April, there was an unexpected slowdown in job growth.

Tomorrow, unemployment data for May will be released in the private sector and Friday is the day for the release of monthly figures (public and private sector) by the US Department of Labor.

At 7 p.m. in Lisbon, the Federal Reserve’s Beige Book is released, which presents the latest estimates of the development of the US economy, highlighting high prices (contributing to investor fears of a prolonged increase in inflation) and scarcity. of workers in the face of increasing demand for new employees by companies.

The overall conclusion of the Beige Book, which covers the period between early April and late May, is that prices are rising and companies are having a hard time hiring, but the economy continues to recover.

The acceleration of vaccination programs, along with fewer restrictions in terms of social distance, allowed the economy to grow faster in this period. But that doesn’t mean the whole thing is smiles, the Fed warns, citing CNN. In fact, shortages of workers and materials (such as microprocessors) have affected some industries, such as manufacturing and home building.

And while there’s only a 10 percent chance of a recession in the next 12 months, there’s a good (75 percent) chance that stocks will drop 10 percent in the near term, according to Joe Doran, director of personal finance. .

Despite these warnings and warnings, which pushed the Nasdaq and Dow into the red in the final phase of the session, optimism about the economic recovery was stronger and the indicators regained their breath in the last minutes of the journey.