US Market Finishes Mixed, SP 500 Notches Another Record High, NAS and DJIA Off
GE, BA, GOOG, MSFT, IBB, VIX,
Friday’s session featured disappointing earnings from technology heavyweights, Google (NASDAQ:GOOG) 896.60, -14.08) and Microsoft (NASDAQ:MSFT) 31.40, -4.04, but that could have gone unnoticed if someone were to only focus on the performance of the S&P 500, which ended with a gain of 0.2%, notching a new record high.
The NAS finished lower by 0.7% , earnings and revenue misses from it 2 major components weighed.
The market saw outperformance in, energy, health care, and industrial sectors. The 3 groups added between 1.2% and 1.4% with health care the leader.
The health care sector spent the entire session in a steady rise as bio-technology provided significant support. The iShares Nasdaq Biotechnology ETF (NYSEArca:IBB) 195.00, +3.06)advanced 1.6% after marking a new all-time high.
In the industrial sector was underpinned by Dow component General Electric (NYSE:GE) 24.72, +1.09, rose 4.6% after its earnings beat overshadowed a 3.5% Y-Y decline in revenue.
DJIA member, Boeing (NYSE:BA) 106.96, -0.67, kept industrials from more gainers after 2 more Dreamliners were forced to return to their home ports following in-flight technical issues.
Another commodity-related sector, materials, rose 0.5% as chemical producers and gold miners displayed strength. The Market Vectors Gold Miners ETF (NYSEArca:GDX) 25.86, +1.08 rose 4.4%. Gold futures displayed strength as well, climbing 0.8% to $1294.30 per troy ounce.
The CBOE Volatility Index (VIX) 12.54, -1.23 spent the entire session in a steady decline, dropping to its lowest level since 17 May. After notching its Y 2013 high of 21.91% on24 June, the near-term volatility measure has logged 3 consecutive weekly losses as the S&P 500 climbed to fresh all-time highs.
NYSE trading volume was 872-M/shares, light when taking today’s options expiration into account.
Monday, June existing home sales will be reported at 10:00a EDT.
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