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S&P 500 Suffers Losses but Recovers Well

Last week the S&P 500 opened at 1,993.40 and rose to a high of 1,999.20 on Wednesday. However it then dropped sharply reaching a low of 1,965.99 on Thursday before recovering slightly to close on Friday at 1,982.85.

The recovery at the end of the week came as data was released showing that the US economy grew at its fastest pace for 2.5 years in the second quarter. The mid-week drop came after a selloff in the equity markets which caused the biggest one day decline for the S&P 500 since July.

There are no major announcements scheduled for the beginning of this week which should leave the S&P 500 fairly static. However, with the US economy and the dollar performing well, the index should resume its upwards trend as investors start buying again over the course of the week.

 

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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