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Bob Carey
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  Stocks Week Ended June 10, 2016
Posted Under: Weekly Market Commentary
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Last week the S&P 500 Index rallied through mid-week, but cut those gains Thursday and Friday. The index posted a -0.44% return for the week and is up 0.02%% through the first part of June. The index has gained 3.59% since the beginning of the year. Monday opened with stocks higher as investors search for quality assets, against an uncertain global economic backdrop. Commodities entered a bull market as crude oil closed at a 10-month high. The rally in stock continued through Wednesday with the S&P 500 closing near an all-time high. Bond yields continued to decline as the ECB began purchasing corporate bonds on Wednesday. The global credit rally indicates investors are not concerned about a weakening US labor market. Global stocks rose to near record levels of 2016 as commodities continued to push into bull market territory. Uncertainty on multiple fronts caused increased volatility through the end of last week. Stocks and crude oil declined while the dollar rallied as investors brace for slower global growth and a possible exit by Britain from the European Union. The latest poll favoring a "Brexit" caused bank and energy stocks to decline though the end of the session on Friday. The CBOE Volatility Index climbed 16% to 17.03 on Friday as US Treasury yields fell to a 3-year low. Oil closed the week at $48.88 a barrel, increasing 0.53% from the previous week. Six of the ten economic sectors had positive performance for the week. The telecomm sector was the best performing sector with a 2.78 % return. The energy and consumer staples sectors followed with 1.43% and 1.05% returns, respectively. The financials sector -1.50% return was the worst performance of all the sectors and was followed by consumer discretionary and health care which returned -0.84% and -0.78%, respectively. H&R Block, a tax services provider, turned in the best performance in the S&P 500 Index with a 11.87% gain. The stock jumped over 4.3% on Thursday's earning release. The next two best performers were Transocean and Helmerich & Payne Inc. with returns of 10.37% and 10.17%, respectively.
Posted on Monday, June 13, 2016 @ 8:27 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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