This is how the markets closed last week

The Dow closed more than 600 points higher on Friday (July 15), due to the release of good earnings of listed companies and good economic data. In addition, investors have probably included unexpectedly strong interest rate hikes by the Federal Reserve (Fed).

  • The Dow Jones Industrial Average closed at 31,288.26, up 658.09, or +2.15%.
  • The S&P500 closed at 3,863.16 points, up 72.78 points, or +1.92%.
  • The Nasdaq closed at 11,452.42, up 201.24, or +1.79%.

Crude oil contracts closed higher in response to news reports that the U.S. does not expect Saudi Arabia to immediately increase oil production during U.S. President Joe Biden’s visit to Saudi Arabia.

  • WTI crude futures rose $1.81, or 1.9%, to $97.59 a barrel. Nevertheless, they fell by 6.9% last week.
  • BRENT crude futures rose $2.06, or 2.1%, to $101.16 a barrel, but had fallen 5.5% last week.

The gold contract closed with a minus. It was put under pressure by a rise in the U.S. equity markets and strong U.S. economic data. This reduces the attractiveness of gold contracts as a safe haven.

  • Gold futures fell $2.2, or 0.13%, to close at $1,703.6 per ounce, down 2.2% for the week. This is a continuous decline for the fifth consecutive week.
  • Silver futures were up 36.9 cents, or 2.02%, at $18.594 an ounce.
  • The platinum contract was up $13.6, or 1.66%, at $830.9 per ounce.
  • Palladium fell $68.70, or 3.5%, at $1,829.40 an ounce.

The dollar is weakening against the major currencies in the currency basket as investors sell the dollar to take profits after the dollar has risen sharply in the past.

  • The dollar index against the six major currencies in a basket of currencies fell 0.44% to 108.0630.
  • The dollar weakened against the yen to 138.55 yen from 138.86 yen.
  • The dollar weakened against the Swiss franc to 0.9780 francs from 0.9830 francs.
  • The dollar was lower against the Canadian dollar to 1.3034 Canadian dollars from 1.3105 Canadian dollars.
  • The euro strengthened to $1.0083 from $1.0032.
  • The pound strengthened against the US dollar at $1.1857 from $1.1833.
  • The Australian dollar rose to $0.6791 from $0.6760.

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