Stock Market News For Jul 2, 2019
Zacks Investment Research | Jul 01, 2019 09:34PM ET
Wall Street closed sharply higher on Monday buoyed by a trade truce between the United States and China. Moreover, OPEC and Russia jointly agreed to extend crude oil production cut in order to stabilize prices. All three major stock indexes closed in the green with S&P 500 recorded its new all-time high level.
The Dow Jones Industrial Average (DJI) soared 0.4% or 117.47 points to close at 26,717.43 The S&P 500 surged 0.8% to close at 2,964.33. Meanwhile, the Nasdaq Composite Index closed at 8,091.16, jumping 1.1%. The fear-gauge CBOE Volatility Index (VIX) decreased 6.8% to close at 14.06. A total of 7.04 billion shares were traded on Monday, lower than the last 20-session average of 7.15 billion. Advancers outnumbered decliners on the NYSE by a 1.57-to-1 ratio. On Nasdaq, a 1.50-to-1 ratio favored advancing issues.
How Did The Benchmarks Perform?
The Dow closed in positive territory with 25 components of the 30-stock blue-chip index closing in the green while five finished in the red. The tech-heavy Nasdaq Composite ended in the green for fourth consecutive days due to strong performance by semiconductor stocks. The S&P 500 also closed in positive territory after touching an all-time high of 2,977.86. The Technology Select Sector SPDR (XLK) and Financials Select Sector SPDR (XLF) gained 1.6% and 1.2%, respectively. Notably, nine out of total 11 sectors of the benchmark index closed in the green while two ended in the red.
Positive Development on Trade War Front
On Jun 29, Presidents Trump and Xi agreed to restart trade negotiations in a meeting at the G-20 summit. Both sides have decided to hold off from imposing further tariffs for the time being. Moreover, the U.S. government has decided to ease some restrictions on Chinese telecom behemoth Huawei. The Trump administration has decided to allow U.S. tech companies to sell products that will not harm U.S. national security to Huawei. On the other hand, China has agreed to increase import of U.S. farm products to a considerable extent.
Consequently, shares of leading semiconductor makers like Skyworks Solutions Inc. (NASDAQ:SWKS) , Micron Technology Inc. (NASDAQ:MU) and Broadcom Inc. (NASDAQ:AVGO) climbed 6%, 3.9% and 4.3%, respectively. Broadcom carries a Zacks Rank #3 (Hold). You can see Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.