Market Week: August 9, 2021

The Markets (as of market close August 6, 2021)

Stocks closed last week generally higher on the heels of a solid jobs report, which may have quelled worries that economic growth was slowing. Nevertheless, equity returns were volatile for much of the week, reflecting ongoing uncertainty as variant strains of the virus spread and concerns rose over the possibility that the Federal Reserve may begin reeling in its asset-purchasing program sooner than expected. Financials led the market sectors, advancing 3.6% for the week, followed by utilities, which rose 2.3%. Most of the remaining sectors increased less than 1.0%, while consumer staples dipped 0.6%. The benchmark indexes listed here generally posted weekly gains, other than the Russell 2000, which fell 1.2%. Crude oil prices closed the week at $68.50 per barrel, down more than 7.0% from the prior week’s closing price. Gold slipped, the dollar rose, and the yield on 10-year Treasuries climbed higher.

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