The European economy contracted 0.6% in Q-1 as slow vaccine rollouts and extended lockdowns delayed its recovery.
The contraction in the 19 countries single currency bloc compares to the recovery happening in the United States.
Growth figures announced Thursday showed the US grew 1.6% during Q-1, with business supported by strong consumer demand. On an annualized basis, the US grew 6.4%.
The 2nd straight Quarter of falling output, following contraction in Q-4 of Y 2021, confirms Europe’s double-dip VirusCasedemic recession. 2 Quarters of falling output defines a recession.
HeffX-LTN’s overall technical annalysis of the major US stock market indexes at the wk and month ending 30 April 2021 is Bullish to Very Bullish overall.
The S&P 500 advanced 0.7% Thursday, setting intraday and closing record highs in a bumpy session. The benchmark index started with a 0.9% gainer amid a host of positive-sounding developments, then turned negative on no specific catalysts, and staged a comeback in 2-H of the session.
The NAS Comp (+0.2%) closed well off opening (record) highs, the DJIA (+0.7%) closed near session highs, and the Russell 2000 (-0.4%) closed lower.
- Russell 2000 +16.2% YTD
- S&P 500 +12.1% YTD
- DJIA +11.3% YTD
- NAS Comp +9.3% YTD
Looking Ahead: Investors will receive Personal Income and Spending for March, PCE Prices for March, the Employment Cost Index for the first quarter, the final Univ. of Michigan Index of Consumer Sentiment for April, and the Chicago PMI for April Friday.
Have a healathy weekend, Keep the Faith!