Last short week S&P500 index continued its upward movement; however, on Friday it bounced from the upper margin of horizontal channel, in the framework of which it has been remaining for several months. Considerable support to the market has been provided by demand for oil, which has increased amid positive expectations towards economic recovery.
Absolute leaders became the papers from service sector, whereas financial sector and public services showed themselves worse than the market.
Macroeconomic data , issued on Thursday, became the main market drivers. The number of unemployment quotes has reduced to 418 thousand; the number of jobs in a private sector has increased to 157 thousand (versus expected 60 thousand).
However, Friday disappointed the bids’ participants by issued data on unemployment and Non-farm Payrolls. Unemployment rate has amounted to 9.2%, whereas the number of new jobs in non-agricultural industries has decreased to 18 000 (expectations amounted to 9.1% and 80 000 accordingly).
Moody's agency has also had its impact, having brought turmoil into investors’ spirits by lowering the long-term credit rating of Portugal from Ваа1 to Ва2
After such hard week the attention of all market players has been shifted to Alcoa company, whose reports are issued on July 11. This largest metallurgical company gives a start for another reporting season in the USA.
The overview is provided by Portfolio Investments Department
