The markets were strong this week with both the S&P 500 (SPX) and Nasdaq Composite (COMP) hitting new all-time highs. The SPX opened Monday at 2084.11 and closed on Friday at 2117.69, up 33.58 or 1.6%. Volume was mixed on the NYSE, but quite a bit stronger on the Nasdaq towards the end of the week. All of the major indices are back above their 50-day moving average. The VIX closed down at 12.29 on Friday and hit its lowest point in 2015 on Thursday at 12.12.
Global equity markets enjoyed a strong start to the week after the People’s Bank of China lowered the reserve requirement for the country’s banks by 100 basis points in hopes of avoiding a slowdown in their economic growth. This news overshadowed the continued problems in Greece as their government scrambles for funds ahead of the next IMF payment deadline. U.S. economic news this week was fairly light, however it was a busy week for quarterly corporate earnings.