Alcoa Inc (AA), JPMorgan Chase & Co. (JPM): The Economic Data That Moved the Markets This Past Week

The report said claims jumped to 360,000 last week, a rise of 16,000 and a level we haven’t seen for nearly two months. Most economists had estimated that claims would rise during the week, but only by a few thousand, to 349,000 from 344,000. Investors may have taken the news as a good thing, however, since it may push the end of the Fed’s stimulus programs further down the road.

Friday
Investors were hit with two major economic data points and two big earnings reports on Friday. As my colleague John Maxfield indicated, both JPMorgan Chase & Co. (NYSE:JPM) and Wells Fargo & Co (NYSE:WFC) reported stellar quarters. JPMorgan Chase & Co. (NYSE:JPM) easily beat estimated earnings per share by $0.15, while Wells Fargo & Co (NYSE:WFC) topped expectations by $0.05.

The two economy reports were the U.S. producer price index and the Thomson Reuter/University of Michigan preliminary consumer confidence index reading. Meanwhile, the producer price index showed an increase of 0.8% in June, primarily from higher costs for vehicles and oil. The report also indicated that while inflation is still in check, it is beginning to rise, with the 12-month reading of core inflation creeping higher from 1.6% to 1.7% in June.

Finally on Friday, the Thomson Reuters/University of Michigan consumer sentiment report indicated a slight drop in July to 83.9, from 84.1 in June. After hitting a six-year high in May, the index has now fallen for the past two months.

The article The Economic Data That Moved the Markets This Past Week originally appeared on Fool.com is written by Matt Thalman.

Fool contributor Matt Thalman owns shares of JPMorgan Chase. Check back Monday through Friday as Matt explains what caused the Dow’s winners and losers of the day, and every Saturday for a weekly recap. Follow Matt on Twitter: @mthalman5513. The Motley Fool recommends Wells Fargo and (NYSE:WFC) owns shares of JPMorgan Chase and (NYSE:JPM) Wells Fargo.

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