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Stocks Ended Aug. 5, 2016
Equities closed in positive territory to open the month of August. The index posted a 0.65% return for the week and has gained 8.19% YTD. Oil continued a bear market decline heading into Wednesday, but rallied from Tuesday's close of $39.51 to $41.80 at the close on Friday. Stocks followed oil's move starting on Wednesday after crossing the $40 a barrel mark. The NASDAQ Composite Index closed at a record high on Friday. Investors demanding risker assets have piled into technology and biotech companies as fears of a US recession, driven by a slowdown in global growth, have subsided. The NASDAQ Composite's record close has improved investors outlook as the S&P 500 and Dow Jones Industrial Average have also moved past last year's highs. Momentum should remain a driver for stocks now that the major indexes continue to exceed their high watermarks. The information technology sector was the best performing sector with a 1.74% return. The financials and industrials sectors followed with 1.53% and 0.43% returns, respectively. The utilities sector -2.64% return was the worst performance of all the sectors and was followed by telecommunication services at -1.82%. Mallinckrodt PLC., a pharmaceutical manufacturer, turned in the best performance in the S&P 500 Index with an 18.79% gain. The company announced Q3 earnings on Tuesday and the stock jumped 14.16% on the news. The next two best performers were Ball Corp and Teredata Corp with returns of 12.00% and 11.17%, respectively.
Monday, August 8, 2016 @ 8:07 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.