At the beginning of July, U.S. markets gained momentum on strong economic data, notably a better-than-expected increase in nonfarm payrolls and non-manufacturing report, which helped lift the Dow above 17,000 for the first time.
Good old fashion profit taking, though, pulled down on the equities market after the record run up. However, policy normalization, Federal Reserve guidance and better earnings results helped stabilize the markets.
In mid-July, risk aversion gripped the market. International markets were riled on reports that Malaysian Flight MH17 was downed over Ukraine. Moreover, escalating civil unrest in Iraq and Israeli’s offensive in Gaza fueled stability concerns.
Markets weakened in the last week of the month on the slow growth in the housing market and unexpected earnings misses, notably Amazon (NasdaqGS: AMZN) and Visa (NYSE: V).
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Max Chen contributed to this article.