The Major Markets Ended the week substantially higher across the board. The week over week increase of 3.2% represents the largest week over week increase since the week of November 20th, 2015.
This brought the S&P 500 Index back to the 2100 level, yet again, with Friday’s close of 2102.95. This is the 10th time that the S&P 500 has closed with a quarter of a percentage point of 2100 on a weekly basis.
The FTSE 100 made headlines due to the sudden drop in value in the fallout of the Brexit vote. After dropping more than 8% intraday on Friday, the 24th, the Index began to climb back. Despite this uncertainty in leadership and the future implementation of the Brexit results, the FTSE managed to recover all the losses by the end of June.
Since the Brexit Vote on June 23rd, there has been a few interesting developments. David Cameron, the current Prime Minister of the United Kingdom, announced his resignation to take place once a new leader is selected. Boris Johnson, the former Mayor of London was seen as the likely successor. However, on Thursday during a press conference that many thought would be his platform to formally announce his candidacy, he instead announced that he would not be seeking the position. This leaves the two remaining frontrunners of Michael Gove and Theresa May vying for the position and task of formally implementing the Brexit, Article 50, and independence from the European Union
This next week is a holiday shortened trading week due to our Independence Day on Monday. While many celebrated our independence on the fourth, it was actually on July 2nd1776 that the continental congress voted for Independence. On that day, John Adams wrote to his wife Abigail that July 2 “will be celebrated, by succeeding Generations, as the great anniversary Festival. It ought to be commemorated, as the Day of Deliverance by Solemn Acts of Devotion to God Almighty. It ought to be solemnized with Pomp and Parade, with Shews, Games, Sports, Guns, Bells, Bonfires and lluminations from one End of this Continent to the other from this Time forward forever more.”
While not everything lined up as Adams thought it would, celebrations have certainly been a staple on the anniversary of when the written document was signed on July 4th,240 years ago.