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Markets and Economy Update: July 13

Strategic Insights

— 2 min read

Financial markets experienced a boost on Monday, with U.S. markets posting gains as the corporate reporting season entered its second week. The Dow Jones industrial average rose 131.50 points, or 1.61 percent, to 8,278.02, while the Standard & Poor's 500 index gained 14.60 points, or 1.66 percent, to 893.73. The Nasdaq composite index also performed well, increasing 22.53 points, or 1.34 percent, to 1,779.56. Meanwhile, in Europe, job losses mounted in June, with France leading the list of nations in the number of layoffs. Nearly 20,000 jobs were lost in France in June, followed by Britain, where 11,528 jobs were erased. The European Union has seen a total of 640,000 jobs lost since September, although 219,000 jobs have been created in the past nine months. A consortium of interests has also committed to building the Nabucco pipeline, which would challenge Russia's hold on the European natural gas market. Additionally, Goldman Sachs' second-quarter success has sparked discussions about risk-taking and its potential impact on the financial industry.

Key Takeaways:

  • U.S. markets posted gains on Monday, with the Dow Jones industrial average rising 131.50 points, or 1.61 percent, to 8,278.02.
  • Job losses in the European Union escalated in June, with France leading the list of nations in the number of layoffs, with nearly 20,000 jobs lost.
  • The European Union has seen a total of 640,000 jobs lost since September, although 219,000 jobs have been created in the past nine months.
  • A consortium of interests has committed to building the Nabucco pipeline, which would challenge Russia's hold on the European natural gas market.
  • Goldman Sachs' second-quarter success may prompt other institutions to ramp up their tolerance for risk-taking.
  • The bank's risk-taking paid off, with the company posting a $1.66 billion gain in the first quarter and potentially earning $18 billion in compensation for 28,000 employees this year.

Statistics:

  • Dow Jones industrial average rose 131.50 points, or 1.61 percent, to 8,278.02 on Monday.
  • Standard & Poor's 500 index gained 14.60 points, or 1.66 percent, to 893.73.
  • Nasdaq composite index increased 22.53 points, or 1.34 percent, to 1,779.56.
  • European Union has seen a total of 640,000 jobs lost since September.
  • 219,000 jobs have been created in the past nine months.
  • Goldman Sachs may earn $18 billion in compensation for 28,000 employees this year.
  • France lost nearly 20,000 jobs in June.
  • Britain lost 11,528 jobs in June.

Sources:

  • UPI (July 13) - Markets rise Monday
  • UPI (July 13) - Job losses mount up in European Union
  • CNN (July 13) - Nabucco pipeline finds backers
  • The New York Times (July 13) - Goldman Sachs leads bank rebound

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