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Market roundup for July 30 – Caribbean Business

By on July 30, 2020

SAN JUAN – Global stock markets fell sharply as two economic reports presented a dire picture of the significant damage the coronavirus pandemic has inflicted on the US and German economies.

  • In the United States, real gross domestic product (GDP) decreased 32.9 percent in the second quarter, which is less than the projected 34.1% but much worse than the 5% drop in the first quarter. [19659005] The US Department of Labor reported that new unemployment claims rose for a second week in a row, by 12,000, to 1.43 million, or 0.7%.

    The decline in second-quarter GDP is a direct reflection of the COVID-19, Lockdown orders issued since March.

    The significant decrease in GDP raised fears among investors that the economic recovery may be severely affected.

    • Germany’s Gross Domestic Product contracted 10.1% the most significant reduction in fifty years, and the contraction erased ten years of export growth.

    Another company the defied the odds with their earnings today was Apple (AAPL) reported revenues of $ 59.7 billion or 11% higher, and net income of $ 11.2 billion set a new record for the June quarter. Apple blew past expectations that its business would lose sales due to the coronavirus and the closure of Apple stores worldwide.

    • The Dow Jones Industrial Average closed at 26,313.65 down 225.92 points or -0.85%.
    • The Standard & Poor's 500 Index closed at 3,246.22 down 12.22 points or -0.37%.
    • The NASDAQ Composite Index closed at 10,587.81 up 44.87 points or 0.43%.
    • The Birling Capital Puerto Rico Stock Index closed at 1,565.72 up 34.94 or 2.28%.
    • The US Treasury 10-year note closed up at 0.55%.
    • The U.S. Treasury 2-year note closed up at 0.11%.

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