This was a very good week for the market indexes. The S&P 500 index (SPX) gained 4.91% this week and the Dow Jones Industrial Average (DJIA) gained 6.81%, thus the indexes have gained back most of the losses and this explains the importance of staying the course in the market and not giving in and selling assets when the market turns down.
In surprisingly positive news, the U.S. economy added 2.5 million jobs in May. It was predicted that there would be about 8 million jobs lost. Thus the unemployment rate fell to 13.3% down from 14.7% in April.
Oil was up 11.44% this week at $39.55 per barrel. Now that the lockdowns are over and people are getting back to their jobs and commute, the demand for oil is increasing. The energy stocks were the best performers of the week with the oil sector gaining 7.5%.
Gold fell this week by 2.54% to settle at $1,685.53 per ounce.
Amid the protests for the end of systemic racism, there seem to be a disconnect between the markets and the economic and political worlds.