Last week, U.S. markets (Dow and S&P) were negative caused by the rally in the oil prices. It was the worst week since February.On weekly basis, DJIA decreased by 1.2 per cent to 17,576; S&P 500 dropped 1.2 per cent to 2,048; Nasdaq Composite fell by 1.3 per cent to 4,851.
On the year-to-date basis, DJIA increased by 0.87 per cent, S&P 500 rose by 0.18 per cent, and Nasdaq Composite decreased by 3.13 per cent.
U.S. markets focused on the following news last week:
- Fed minutes showed that the members of committee discussed the rate hike in April meeting, but they decided it would not be appropriate in current global economic conditions.
- Oil prices rose above $40, and everyone waits OPEC’s meeting in April 17 in which members will decide whether decrease the oil production.
- The minutes of European Central Bank (ECB)’s showed that it would be possible to decide additional rate cuts and extend the quantitative easing.
- Puerto Rico Governor Alejandro Garcia Padilla decided to sign a one-year government debt moratorium into law. It would allow him to declare a state of emergency. By this declaration, payments for the island’s debts would be stopped through early 2017.
Major events for the markets in the next week:
- US retail sales data on Wednesday, 13 April
- Interest rate decision of Bank of England on Thursday, 14 April
- China’s retail sales, industrial production and GDP data on Friday, 15 April