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Benchmarks closed in the green on Friday as investors tried to recover from previous session’s steep losses. However, the major indices posted their worst weekly declines since Mar 20, 2020.
The Dow Jones Industrial Average (DJI) rose 477.37 points, or 1.9%, to close at 25,605.54 and the S&P 500 rose 39.21 points, or 1.3% to close at of 3,041.31. While, the Nasdaq Composite Index closed at 9,588.81, adding 96.08 points, or 1%. The fear-gauge CBOE Volatility Index (VIX) decreased 4.2%, to close at 36.09. Advancing issues outnumbered declining ones for 1.96-to-1 ratio on the NYSE and a 1.65-to-1 ratio on the Nasdaq favored advancers.
How Did the Benchmarks Perform?
The Dow finished the day nearly 477 points higher, the blue-chip index had traded over 800 points higher during the day. While both the S&P 500 and the Nasdaq closed 1% higher as investors made way through the choppy market.
Of the 11 major sectors of the S&P 500 nine ended in the positive territory. Financials and real estate sectors had provided the biggest boost to the broader index, rising more than 3%. However, the consumer staples and utilities sector both saw a 0.2% drop.
Overall, the S&P index recorded one new 52-week highs and no new lows. Meanwhile, Nasdaq recorded 19 new highs and seven new lows.
Recovery Hopes Buoy Investor Optimism
Per the latest report from Johns Hopkins University, the number of new COVID-19 cases witnessed a spike in states like Arizona, South Carolina and Texas. In fact, cases in Arizona had nearly doubled since Memorial Day
Earlier in the week stocks rallied as investors cheered positive economic data as states eased quarantine measures. Most of those gains have been driven by stocks that would benefit from the economy reopening.
Shares of major airlines, cruise lines and retailers rose on Friday. Shares of Delta Air Lines, Inc. (DAL - Free Report) and Carnival Corporation & Plc (CCL - Free Report) rose 11.9% and 14.6%, respectively, on Jun12.
For the week ending Jun 12, the Dow, the S&P 500 and the Nasdaq lost 5.5%, 4.7% and 2.3%, respectively. The benchmarks recorded their worst week since March 20. Earlier in the week stocks had rallied as investors remained hopeful of a rebound in the U.S. economy as states continued reopening for business as usual post the lockdown.
However, on Thursday all the major indexes recorded their biggest one-day losses since mid-March, posting losses of at least 5%. Thursday’s sell-off was driven by fear of a second wave of COVID-19 cases that could delay the reopening of the economy.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.
Image: Bigstock
Stock Market News for Jun 15, 2020
Benchmarks closed in the green on Friday as investors tried to recover from previous session’s steep losses. However, the major indices posted their worst weekly declines since Mar 20, 2020.
The Dow Jones Industrial Average (DJI) rose 477.37 points, or 1.9%, to close at 25,605.54 and the S&P 500 rose 39.21 points, or 1.3% to close at of 3,041.31. While, the Nasdaq Composite Index closed at 9,588.81, adding 96.08 points, or 1%. The fear-gauge CBOE Volatility Index (VIX) decreased 4.2%, to close at 36.09. Advancing issues outnumbered declining ones for 1.96-to-1 ratio on the NYSE and a 1.65-to-1 ratio on the Nasdaq favored advancers.
How Did the Benchmarks Perform?
The Dow finished the day nearly 477 points higher, the blue-chip index had traded over 800 points higher during the day. While both the S&P 500 and the Nasdaq closed 1% higher as investors made way through the choppy market.
Of the 11 major sectors of the S&P 500 nine ended in the positive territory. Financials and real estate sectors had provided the biggest boost to the broader index, rising more than 3%. However, the consumer staples and utilities sector both saw a 0.2% drop.
Overall, the S&P index recorded one new 52-week highs and no new lows. Meanwhile, Nasdaq recorded 19 new highs and seven new lows.
Recovery Hopes Buoy Investor Optimism
Per the latest report from Johns Hopkins University, the number of new COVID-19 cases witnessed a spike in states like Arizona, South Carolina and Texas. In fact, cases in Arizona had nearly doubled since Memorial Day
Earlier in the week stocks rallied as investors cheered positive economic data as states eased quarantine measures. Most of those gains have been driven by stocks that would benefit from the economy reopening.
Shares of major airlines, cruise lines and retailers rose on Friday. Shares of Delta Air Lines, Inc. (DAL - Free Report) and Carnival Corporation & Plc (CCL - Free Report) rose 11.9% and 14.6%, respectively, on Jun12.
Carnival Corporation carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Weekly Roundup
For the week ending Jun 12, the Dow, the S&P 500 and the Nasdaq lost 5.5%, 4.7% and 2.3%, respectively. The benchmarks recorded their worst week since March 20. Earlier in the week stocks had rallied as investors remained hopeful of a rebound in the U.S. economy as states continued reopening for business as usual post the lockdown.
However, on Thursday all the major indexes recorded their biggest one-day losses since mid-March, posting losses of at least 5%. Thursday’s sell-off was driven by fear of a second wave of COVID-19 cases that could delay the reopening of the economy.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.
Click here for the 6 trades >>