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Bob Carey
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  US Stocks Ended June 30, 2017
Posted Under: Weekly Market Commentary
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Stocks closed out the first half of the year up 9.3% as measured by the S&P 500. The gains came from an over 17% return in Technology stocks, which have recently been receding. For the week, the S&P 500 index closed lower by -0.58% with Technology stocks lagging the rest of the index. Alphabet Inc. and Netflix Inc. were both down over 5% last week. Financials and Energy stocks had the best returns last week. Banks rallied after clearing the annual stress tests and on improved outlook on the Federal Reserve raising interest rates. Decreasing U.S. supply buoyed oil prices as the commodity traded higher for the 7th straight day. This is the longest consecutive daily price gain for oil this year. The Trump administration is expected to make a decision on steel tariffs as a self-imposed deadline looms this week. Tariffs on foreign steel would put upward price pressure on the U.S., which is a net importer of the metal. Acuity Brand Inc., a commercial lightning and controls company, jumped 10% on Thursday and closed out the week up 14.75% after reporting better than expected earnings during its third quarter. Nike, an athletic apparel manufacturer, also rose over 11% last week after announcing a distribution deal with Amazon.com. The company had resisted listing its products on the site to stay loyal to traditional brick and mortar department stores. Technology stocks including Advanced Micro Devices, Seagate, and Lam Research were the worst performers in the S&P 500 for the week. Looking ahead to next week, the Fed will release the minutes from the June meeting and the markets will be keeping a close eye on the policy and legislative turmoil that is happening in Washington.
Posted on Monday, July 3, 2017 @ 8:09 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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