Dow Locks-In Third Consecutive Win
Continued protests and civil unrest has done little to deter investors
Better-than-expected economic data, most notably an impressive employment data report, bolstered optimism over the recovery of the economy as coronavirus-related lockdowns continue to ease. As a result, the Dow added 527 points, and locked in a third consecutive gain. Despite the civil unrest that continues to grip the U.S., the tech-heavy Nasdaq closed within a chip-shot of record-high territory. Meanwhile, the S&P 500 also finished notably higher, now up more than 40% from its March low. However, investors will keep a close eye on the civil unrest that continues to unfold. As of this afternoon, all four former Minneapolis police officers involved in the death of George Floyd have been criminally charged, with Derek Chauvin's original charge upgraded to second-degree murder.
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Things are only looking up for rallying MedTech stock.Navistar International stock surges ahead of second-quarter report.Plus, the best Dow stock to own in June; possible Kardashian deal lifts COTY; and Zoom stock attracts bulls.The Dow Jones Industrial Average (DJI - 26,269.89) added 527.2 points, or 2.1% for the day. Boeing (BA) surged 13% to lead the charge, while Walmart (WMT) paced the losers with a small 0.4% drop.
The S&P 500 Index (SPX - 3,122.87) ended 42.1 points, or 1.4%, higher, and the Nasdaq Composite (IXIC - 9,682.91) tacked on 74.5 points, or 0.8%.
Meanwhile, the Cboe Volatility Index (VIX - 25.66) slid 1.2 points, or 4.4%.
5 Items on Our Radar Today
A report from ADP released today showed private payrolls fell by 2.76 million in May, the worst plunge in the survey's history when added with the 19.6 million in April. Economists expected a decline of around 8.75 million, but the reason for the large disparity is unclear. (CNBC)Factory orders fell 13% in April, 2% more than the previous month, and just above economists' expectations, according to a report from the Commerce Department. Meanwhile, durable goods fell a staggering 17.7%. (MarketWatch)This Dow stock is thebest to own in June.Coty stock rises on possible Kardashian deal.Bulls swarm surging Zoom stock.
Data courtesy of Trade-Alert
Oil Volatile Amid Looming OPEC+ Deal
Despite continuing improvements to demand, oil prices teetered between gains and losses during a volatile trading session. Additionally, doubts came to light regarding the timing and scale of a potential extension to the pact between The Organization of the Petroleum Exporting Countries and others (OPEC+). As a result, July-dated oil gained 48 cents, or 0.6%, to settle at $37.29 per barrel.
Gold continued its losing streak, as risk sentiment improved on hopes of recovery from the economic slump brought on by the coronavirus pandemic. Overlooking the civil unrest in the U.S., gold for August delivery fell $29.20, or 1.7%, to settle at $1,704.80 per ounce -- marking its lowest close in three weeks.