Fri Jul 01 2016
Jim Andrews (461 articles)

U.S. Market Indexes Higher after Brexit Recovery

U.S. market indexes were higher Friday to end the week higher after trading volatilely following the U.K.’s vote to leave the European Union last week. For the day the Dow Jones Industrial Average closed at 17949.37 for a gain of 19.38 points or 0.11 percent. The S&P 500 was also higher, closing at 2102.95 for a gain of 4.09 points or 0.19 percent. The Nasdaq Composite closed higher at 4862.57 for a gain of 19.89 points or 0.41 percent. The VIX Volatility Index closed at 14.69 for a loss of -0.94 points or -6.01 percent.

Source: DJIA, S&P 500 and Nasdaq Composite. Google Finance.

For the week the Dow Jones Industrial Average was up 3.13 percent and the S&P 500 was higher at 2,102.95 for a gain of 3.20 percent.

Friday’s Market Movers

Manufacturing was in the spotlight Friday. The PMI Manufacturing Index increased to 51.3 from 50.7. The ISM Manufacturing Index also increased to 53.2, up from the previous 51.3 and above consensus of 51.5. Construction spending slightly improved from the previous month at -0.8 percent, an increase from -2 percent, yet below consensus of 0.6 percent.

Data from auto sales continues to be reported however it appears to be on pace with the previous month’s domestic sales of 13.7 million and total sales of 17.5 million. Leading U.S. automakers, Ford and General Motors both gained for the day. Ford was higher by approximately 1.3 percent and General Motors gained 2 percent.

The Baker Hughes Rig Count was also reported on Friday with an increase of 10 rigs to 507. Oil prices gained despite the potential for increased inventory. For the day, oil prices were higher by approximately 1.5 percent.

Stocks trading actively on Friday included Bank of America, Ford, Chesapeake Energy, General Electric, Apple, Harley-Davidson, AT&T and Citigroup.

In the Dow Jones Industrial Average, stocks trading higher for the day included the following:

Gains (percent)

Home Depot 1.51

Pfizer 1.02

Caterpillar 0.84

Nike 0.74

Verizon 0.70

Top sectors for the broad market were consumer discretionary and energy. In the technology sector, stocks also gained. The Nasdaq Composite closed higher at 4862.57 for a gain of 19.89 points or 0.41 percent. The Nasdaq 100 was also higher at 4437.44 for a gain of 19.75 points or 0.45 percent. Stocks leading gains in the technology sector for the day included the following:

Gains (percent)

Endo International 8.92

Netflix 5.67

Biomarin Pharmaceutical 4.60

In commodities, gold traded higher as evidenced by the SPDR Gold Trust which reported a gain of 1.89 points or 1.49 percent. The dollar was lower for the day as the U.S. Dollar Index was down -0.25 points or -0.26 percent to 95.71.

Small-Cap Stocks

In small-caps, the Russell 2000 followed the day’s trend higher at 1156.77 for a gain of 4.84 points or 0.42 percent. The S&P 600 closed at 710.17 for a gain of 1.81 points or 0.26 percent. The Dow Jones Small-Cap Growth TSM Index closed at 7091.72 for a gain of 35.46 points or 0.50 percent. The Dow Jones Small-Cap Value TSM Index closed at 8381.14 for a gain of 18.85 points or 0.23 percent.

Other Notable Indexes

Other notable index closes included the S&P 400 Mid-Cap Index which closed at 1500.20 for a gain of 3.70 points or 0.25 percent; the S&P 100 closing at 929.68 for a gain of 1.55 points or 0.17 percent; the Russell 3000 which closed at 1239.52 for a gain of 2.90 points or 0.23 percent; the Russell 1000 which closed at 1164.12 for a gain of 2.55 points or 0.22 percent; and the Dow Jones U.S. Select Dividend Index which closed at 612.36 for a gain of 0.46 points or 0.08 percent.

Jim Andrews

Jim Andrews

Jim Andrews is Desk Correspondent for Global Stock, Currencies, Commodities & Bonds Market . He has been reporting about Global Markets for last 5+ years. He is based in New York