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Wall Street closed higher on Friday to end a particularly strong week. All three major indexes closed in positive territory as investors’ concerns related to global trade war and G-7 summit faded away. However, trading volumes were relatively low ahead of a busy week where President Trump is scheduled to meet his North Korean counterpart Kim Jong Un in Singapore.
The Dow Jones Industrial Average (DJI) closed at 25,316.53, increasing 0.3%. The S&P 500 Index (INX) also increased 0.3% to close at 2,779.03. The Nasdaq Composite Index (IXIC) closed at 7,645.51, gaining 0.1%. A total of 6.05 billion shares were traded on Friday, lower than the last 20-session average of 6.6 billion shares. Advancers outnumbered decliners on the NYSE by 1.42-to-1 ratio. On the Nasdaq, advancers had an edge over decliners by 1.09- to-1 ratio. The CBOE VIX increased 0.4% to close at 12.18.
How Did the Benchmarks Perform?
The Dow gained 0.3% with 21 of the 30-stocks in the index closed in the green while nine traded in the red. The blue-chip index posted its third straight positive trading sessions and closed at its highest level since March. Notably, The Procter & Gamble Co. (PG - Free Report) was the major advancer of the blue-chip index with a gain of 1.9%. The Procter & Gamble carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The S&P 500 advanced 0.3% led by 1.9% gain of the Home Builders Select Sector SPDR (XHB) and 1.2% increase in Consumer Staples Select Sector SPDR (XLP). Notably, eight out of 11 sectors of the benchmark index ended in negative territory.
The tech-heavy Nasdaq Composite gained 0.1% due to broad-based market rise.
G-7 Concerns Ebbs
It seems that investors have decided not to give too much notice about the G-7 summit which started in Canada on Friday. The United States and the six highly industrialized nations of the world, who are the major political and trading ally of the United States, will engage in a crucial meeting after the Trump administration imposed tariffs on imported metals from these countries.
A strong U.S. macro economy along with a robust labor market, solid consumer and business confidence and healthy earnings momentum for the rest of 2018 are the primary reasons which enabled investors to shrug off G-7 trade conflicts.
Crucial Week Ahead
Trading activities on Wall Street were relatively low as investors were waiting for the outcome of the Jun 12 meeting between President Donald Trump and North Korean leader Kim Jong Un. Disagreement between the two sides may result in military aggression.
Moreover, the Fed will announce its interest rate policy this week. According to CME FedWatch tool, 91.3% of responders believe that the central bank will hike rate in June. Additionally, the European Central Bank (ECB) will also meet this week to take a decision whether it will abandon its ongoing bond purchase program.
Weekly Roundup
For the week, all the three major indexes ended in the green despite precipitous global trade war and tariff related conflicts. The Dow 30 increased 2.8%, its biggest weekly gain since March. The S&P 500 and Nasdaq Composite recorded gains of 1.6% and 1.2%, respectively. These reflect third straight weekly advances for both indexes.
Markets touched record highs on Monday, as investors’ confidence bounced back owing to strong economic backdrop and easing global trade war fears. The Nasdaq closed at a record high for the first time since March 12. However, U.S. stocks had a mixed Tuesday. The Nasdaq and the S&P 500 made slight gains, while the Dow ended lower, as tensions between the United states and a few of its trade allies once again dented investors’ confidence.
On Wednesday, U.S. stocks rallied and closed sharply higher. The Dow closed at its best single-day percentage gain since April 10. Markets were mixed on Thursday. The Nasdaq and S&P 500 ended the day with moderate losses. However, the Dow ended the day in positive territory.
Exxon Mobil Corp. (XOM - Free Report) has won the Uirapuru exploration block with co-venturers Equinor ASA (EQNR - Free Report) and Petrogal Brasil during Brazil’s 4th pre-salt bid round. (Read More)
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
Image: Bigstock
Stock Market News For Jun 11, 2018
Wall Street closed higher on Friday to end a particularly strong week. All three major indexes closed in positive territory as investors’ concerns related to global trade war and G-7 summit faded away. However, trading volumes were relatively low ahead of a busy week where President Trump is scheduled to meet his North Korean counterpart Kim Jong Un in Singapore.
The Dow Jones Industrial Average (DJI) closed at 25,316.53, increasing 0.3%. The S&P 500 Index (INX) also increased 0.3% to close at 2,779.03. The Nasdaq Composite Index (IXIC) closed at 7,645.51, gaining 0.1%. A total of 6.05 billion shares were traded on Friday, lower than the last 20-session average of 6.6 billion shares. Advancers outnumbered decliners on the NYSE by 1.42-to-1 ratio. On the Nasdaq, advancers had an edge over decliners by 1.09- to-1 ratio. The CBOE VIX increased 0.4% to close at 12.18.
How Did the Benchmarks Perform?
The Dow gained 0.3% with 21 of the 30-stocks in the index closed in the green while nine traded in the red. The blue-chip index posted its third straight positive trading sessions and closed at its highest level since March. Notably, The Procter & Gamble Co. (PG - Free Report) was the major advancer of the blue-chip index with a gain of 1.9%. The Procter & Gamble carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The S&P 500 advanced 0.3% led by 1.9% gain of the Home Builders Select Sector SPDR (XHB) and 1.2% increase in Consumer Staples Select Sector SPDR (XLP). Notably, eight out of 11 sectors of the benchmark index ended in negative territory.
The tech-heavy Nasdaq Composite gained 0.1% due to broad-based market rise.
G-7 Concerns Ebbs
It seems that investors have decided not to give too much notice about the G-7 summit which started in Canada on Friday. The United States and the six highly industrialized nations of the world, who are the major political and trading ally of the United States, will engage in a crucial meeting after the Trump administration imposed tariffs on imported metals from these countries.
A strong U.S. macro economy along with a robust labor market, solid consumer and business confidence and healthy earnings momentum for the rest of 2018 are the primary reasons which enabled investors to shrug off G-7 trade conflicts.
Crucial Week Ahead
Trading activities on Wall Street were relatively low as investors were waiting for the outcome of the Jun 12 meeting between President Donald Trump and North Korean leader Kim Jong Un. Disagreement between the two sides may result in military aggression.
Moreover, the Fed will announce its interest rate policy this week. According to CME FedWatch tool, 91.3% of responders believe that the central bank will hike rate in June. Additionally, the European Central Bank (ECB) will also meet this week to take a decision whether it will abandon its ongoing bond purchase program.
Weekly Roundup
For the week, all the three major indexes ended in the green despite precipitous global trade war and tariff related conflicts. The Dow 30 increased 2.8%, its biggest weekly gain since March. The S&P 500 and Nasdaq Composite recorded gains of 1.6% and 1.2%, respectively. These reflect third straight weekly advances for both indexes.
Markets touched record highs on Monday, as investors’ confidence bounced back owing to strong economic backdrop and easing global trade war fears. The Nasdaq closed at a record high for the first time since March 12. However, U.S. stocks had a mixed Tuesday. The Nasdaq and the S&P 500 made slight gains, while the Dow ended lower, as tensions between the United states and a few of its trade allies once again dented investors’ confidence.
On Wednesday, U.S. stocks rallied and closed sharply higher. The Dow closed at its best single-day percentage gain since April 10. Markets were mixed on Thursday. The Nasdaq and S&P 500 ended the day with moderate losses. However, the Dow ended the day in positive territory.
Stock That Made Headline
Exxon Mobil Expands Footprint in Brazil With Uirapuru Block
Exxon Mobil Corp. (XOM - Free Report) has won the Uirapuru exploration block with co-venturers Equinor ASA (EQNR - Free Report) and Petrogal Brasil during Brazil’s 4th pre-salt bid round. (Read More)
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>