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Stocks Ended July 8, 2016
Last week the S&P 500 Index opened lower on Tuesday after the Independence Day holiday, but rallied for the rest of the week. The index posted a 1.33% return for the week and has gained 5.45% YTD as we start the second half of 2016. Concerns over global growth and prolonged financial turbulence due to the "Brexit" vote kept stocks at bay during the beginning of the week. This fear subsided at the Wednesday open as stocks rallied for the rest of the week. Stocks and commodities rallied Friday and two-year Treasuries slumped as strength in the June jobs report showed the US economy is still strong. Oil closed the week at $45.41 a barrel, decreasing -7.31% from the previous week. The decline in oil price is the biggest weekly decline in five months. Eight of the ten economic sectors had positive performance for the week. The consumer discretionary sector was the best performing sector with a 2.32% return. The health care and information technology sectors followed with 2.02% and 1.78% returns, respectively. The energy sector -1.12% return was the worst performance of all the sectors and was followed by telecommunication services at -0.13%. NVIDIA Corp, a graphics processor manufacturer, turned in the best performance in the S&P 500 Index with a 8.98% gain. The company unveiled a highly anticipated new product that will be on sale mid-July. The next two best performers were Viacom Inc and Synchrony Financial with returns of 8.84% and 7.73%, respectively.
Monday, July 11, 2016 @ 7:58 AM
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.