{"id":4349,"date":"2021-07-03T15:56:23","date_gmt":"2021-07-03T19:56:23","guid":{"rendered":"https:\/\/envisionco.net\/?p=4349"},"modified":"2021-07-03T15:56:23","modified_gmt":"2021-07-03T19:56:23","slug":"week-ending-7-2-2021","status":"publish","type":"post","link":"https:\/\/envisionco.net\/?p=4349","title":{"rendered":"Week Ending 7\/2\/2021"},"content":{"rendered":"

MARKET RECAP<\/strong><\/p>\n

US stocks continued their march forward, closing at a new high on Friday, up 1.22% for the week. International stocks fell by 0.87%. The S&P 500 has set a new high for seven days in a row, the longest such streak since 1997, and it has gained more than 5% for for five quarters in a row, that was last done in 1954. Bonds rose by 0.57%.<\/p>\n

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Household wealth in the US increased by $13.5 trillion last year, a simply incredible number given that the economy was more or less shutdown at different points. A higher stock market drove half of the increase. One-third of the increase went to the top 1% and more than 70% went to the top<\/span> 20% of income earners. Huge government benefits also drove the increase, especially for lower income workers. Higher prices for homes were also a factor.<\/span><\/p>\n

In April, home prices increased by the fasted rate ever, up 14.6% year over year, as measured by the S&P CoreLogic Case-Shiller National Home Price Index. That was up from 13.3% the previous month. The index dates back to 1987. Exploding house prices makes it difficult for many to afford a home, especially first-time buyers. Not to mention, out of control prices for homes was a major factor leading to the 2007\/08 collapse. Which makes one wonder why the Federal Reserve continues to buy $40 billion per month in mortgage securities while the economy is growing at a real rate of 7% and inflation is coming in at 4% plus.<\/p>\n

Business added 850,000 jobs last month, better than the consensus estimate. Weekly jobless claims fell to a pandemic low last week, dropping to 364,000 down from 415,000 the prior week.<\/p>\n

130 countries have agreed do a global minimum tax rate for international companies. The Biden administration pushed this plan. There will now be a 15% minimum tax rate in each country, thereby minimizing opportunities to avoid tax. It was the biggest change to international taxation rules in a century.<\/p>\n

SCOREBOARD<\/strong><\/p>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

MARKET RECAP US stocks continued their march forward, closing at a new high on Friday, up 1.22% for the week. International stocks fell by 0.87%. The S&P 500 has set a new high for seven days in a row, the … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1893,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4349","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/envisionco.net\/index.php?rest_route=\/wp\/v2\/posts\/4349","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/envisionco.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/envisionco.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/envisionco.net\/index.php?rest_route=\/wp\/v2\/users\/1893"}],"replies":[{"embeddable":true,"href":"https:\/\/envisionco.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4349"}],"version-history":[{"count":6,"href":"https:\/\/envisionco.net\/index.php?rest_route=\/wp\/v2\/posts\/4349\/revisions"}],"predecessor-version":[{"id":4357,"href":"https:\/\/envisionco.net\/index.php?rest_route=\/wp\/v2\/posts\/4349\/revisions\/4357"}],"wp:attachment":[{"href":"https:\/\/envisionco.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4349"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/envisionco.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4349"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/envisionco.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4349"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}