US Equities lifted Dow Jones index in the first session of July as it traded higher today with majority of the bank stocks soaring.
The S&P 500 added 0.6 % in its recent trades, with financials and energy sectors leading the index to greater heights. The Dow Jones industrial average managed to lift itself by adding 150 points, with Goldman Sachs underwriting the record gains. The NASDAQ composite increased 0.3 % in latest trades.
Stocks in JP Morgan Chase, Wells Fargo, Morgan Stanley and Citigroup all escalated in today’s daybreak trades. These banking giants opened the week with strong performances with the SPDR S&P Bank exchange-traded fund (KBE) elevating likewise with 3.82% just right after posting optimistic outcomes from the Federal Reserve’s yearly stress exams.
"There's new leadership emerging in the market.” Chief market economist Peter Cardillo told reports. "That should keep us from faltering during the summer months."
As for the energy stock, it also inched slightly with Energy Select Sector SPDR ETF (XLE) adding 1.1% in its trades.
Some of the major performers of the first half are led by the tech stocks which in the latter failed to maintain its hype. Technolgy Select Sector Fund (XLK) slumped by 2.81% in the preceding week.
However, Managing Partner of Beaumont Capital Management, Dave Haviland told reports that it is too early to call any verdicts on the stock market. "If you have a market that's giving you new highs every month, then you take what the market gives you, until the overall trend turns negative," Haviland explained.
Today, the market also started of an abridged trading period. The New York Stock Exchange will stop its operations at 1 p.m. and will be shut closed up until Tuesday as the Fourth of July holiday will commence.
In relation to data from Bespoke Investment Group, The 3rd of July has been historic in terms of stock trading. From the time of 1928, the S&P 500 has been on an average of a one-day variation of productive 0.5 %, with confident revenues approximately 73 % of the time.
Around this week, the Federal Reserve will reveal the minutes from its June assembly and the Bureau of Labor Statistics is planned to announce its scheduled jobs report this Friday.
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