Both European and U.S Indices reversed most of Friday’s losses to start the week on a positive note. Seasonally this is a strong week for the U.S Markets which are closed from 1.00 pm on Thursday until Monday morning for the July 4 Holiday Weekend. Markets gained comfort from comments from the St Louis Fed Governor James Bullard who believes the second-half rebound in the US Economy could be the sharpest we have ever seen. That is significant as he and his economic team at the St Louis Fed are possibly the sharpest in the Central Bank system. Remember they were initially calling for softness which other Members did not see coming. Boeing led the Dow higher with a gain of 10% as the market reacted well to testing its 50 Day MA at 24925. Daily Coronavirus cases eased for the second consecutive day in Arizona, Florida and Texas which is encouraging but fears of a second wave still remain. Pending Home Sales surged 44% in May while the Dallas Fed Manufacturing Index rebounded well above expectations in June. The Dow ended the day with a gain of 2.32%. Markets now turn their attention to Treasury Secretary Steven Mnuchin’s Testimony before the House Financial Services Committee this afternoon. Elsewhere, the US Dollar rose 0.3%, Treasuries were flat while Gold and Crude rose 0.5% and 3% respectively.
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