U.S Indices finished the week on the lows of the Day, as a resurgence in new Coronavirus infections halted the re-opening of the American Economy. The Dow closed 2.8% lower at 25,015, which was the lowest close for the month. Both Texas and Florida announced the closing of bars while after a 7.8% report in new cases in Florida on Saturday, Miami announced the closure of its beeches over the coming 4th July Holiday Weekend. The markets reacted negatively, as fears mounted that States would have to impose more restrictions once again to stop the spread of the Virus, thus hampering the economic rebound. Since the June peak on June 8th, the S&P is down 7% while the Banking Index is down a whopping 20%, with Goldman Sachs the biggest Dow loser on Friday at -8.6%. To make matters worse, the S&P closed below its 200-Day Moving Average. This brings the 50-Day MA into focus at 2968. Volume was heavier than normal due to the re-balancing of the Russell Indexes. European Indices closed higher, helped by a stronger than expected French Consumer Confidence. Meanwhile, Spain’s Government said it would continue supporting businesses by extending its salary support for workers through September. ECB President Christine Lagarde said the Euro-Zone economy has ‘’probably’’ passed its low point unless it experiences a second wave of CODID-19. Elsewhere, Treasuries rose, Gold was flat while Crude Oil closed 1.25% lower.
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