Industrials Led the Charge into the Close of Q-2
$DIA, $SPY, $QQQ, $VXX
Friday, US stocks closed up driven by increases in the industrial and consumer discretionary sectors, while European shares reversed earlier gains and turned lower.
Crude Oil continued to climb as concerns about an oversupply faded a bit and the US rig count went down.
The S&P 500 and DJIA rose in moderate trading leading up to the July 4 Holiday.
Meanwhile, Europe’s benchmark equity gauge added to its 4th straight weekly loss.
Bond yields continued to move higher as central bankers this week shifted toward a more Hawkish tone.
The US Dollar (.DXY) Index gained slightly.
Volatility (VIX) though remains low by historical standards, as the debate on normalizing central bank policy intensifies after nine years of unprecedented Fed QE stimuli.
That suggests some investors are growing concerned about the economy’s ability to withstand a tightening cycle even as data Friday showed US consumer spending rose in line with economists’ estimates in May.
Tech stocks were under pressure all of this week, while banks have been supported on the prospect for higher rates and big payouts.
On the Day
DJIA +62.60 at 21349.63, NAS Comp -3.93 at 6140.38, S&P 500 +3.71 at 2423.41
Volume: Trade on the NYSE came in at 952-1-M/shares exchanged
On the Week and the Quarter
- The S&P 500 Index ended up 0.2%, following Thursday’s 0.9% decline. The gauge gained 2.6% in Q-2.
- The DJIA rose 0.3% and ended the Quarter + 3.3%
- The NAS retreated less than 0.1% on the week, and posted a 3.9% gainer for the Quarter.
On the Year
- NAS Comp +14.1% YTD
- S&P 500 +8.2% YTD
- DJIA +8.0% YTD
- Russell 2000 +4.3% YTD
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Bullish (0.39)||Neutral (0.15)||Bullish (0.48)||Very Bullish (0.54)|
|HeffX-LTN Analysis for SPY:||Overall||Short||Intermediate||Long|
|Bullish (0.39)||Neutral (0.16)||Bullish (0.46)||Very Bullish (0.54)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Neutral (0.12)||Neutral (-0.00)||Neutral (0.06)||Bullish (0.31)|
|HeffX-LTN Analysis for VXX:||Overall||Short||Intermediate||Long|
|Bearish (-0.40)||Very Bearish (-0.69)||Neutral (-0.23)||Bearish (-0.29)|
Have a terrific weekend.