The S&P 500 Closed Out its 3rd Straight Quarter in the Green

The S&P 500 Closed Out its 3rd Straight Quarter in the Green

The S&P 500 Closed Out its 3rd Straight Quarter in the Green


Wall Street marked a 3rd straight day of gainers Thursday as the BOE raised the prospect of a Summer stimulus and consumer staples shares rose on news of Mondelez International’s (NASDAQ:MDLZ) $23-B bid for Hershey (NYSE:HSY).

The US major stock market indexes each closed up more than 1%, tallying their best 3-day run in 4 months. They have erased the bulk of their losses in the wake of the Brexit shock vote a week ago to leave the EU that had set off the worst 2-day decline for Wall Street in 10 months.

In the wake of the referendum, Bank of England (BOE) Governor Mark Carney said Thursday that the central bank would probably need to pump more stimulus into Britain’s economy over the Summer..

Stocks also might be benefiting as portfolio managers adjust their holdings at the end of Q-2.

All 10 S&P 500 sectors ended higher, led by a 2.2% climb for consumer staples shares. Hershey shares spiked 16.8% after news that Mondelez had made a takeover offer, which Hershey rejected, looking to create the world’s largest confectioner. Mondelez gained 5.9%.

The S&P 500 closed out its 3rd straight positive Quarter.

Adding to positive US economic data from earlier in the week, factory activity in the US Midwest rose to its highest in almost 1.5 years in June amid strong gains in new orders and production, offering a ray of hope for the downtrodden manufacturing sector.

About 8.7-B/shares changed hands on US exchanges, above the roughly 7.6-B average over the past 20 sessions.

NYSE advancers outnumbered decliners by a 3.85-to-1 ratio, and on the NAS, a 2.46-to-1 ratio favored advancers.

The S&P 500 posted 90 new 52-week highs and 1 new lows; the NAS recorded 86 new highs and 31 new lows.

Thursday, the US major stock market indexes finished at: DJIA +235.31 at 17929.99, NAS Comp +63.43 at 4842.68, S&P 500+28.09 at 2098.86

Volume: month end trade was heavy with 1.3-B/shares exchanged on the NYSE

  • NAS Comp -3.3% YTD
  • Russell 2000 +1.1% YTD
  • S&P 500 +2.7% YTD
  • DJIA +2.9% YTD
HeffX-LTN Analysis for DIA: Overall Short Intermediate Long
Neutral (0.09) Neutral (-0.16) Neutral (0.19) Bullish (0.25)
HeffX-LTN Analysis for SPY: Overall Short Intermediate Long
Neutral (0.01) Neutral (-0.20) Neutral (0.12) Neutral (0.10)
HeffX-LTN Analysis for QQQ: Overall Short Intermediate Long
Neutral (0.07) Neutral (-0.15) Bullish (0.29) Neutral (0.06)
HeffX-LTN Analysis for VXX: Overall Short Intermediate Long
Neutral (-0.24) Bearish (-0.33) Neutral (-0.15) Bearish (-0.25)

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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