In a thin trading session on Monday, markets were on track for a
finish in the positive zone as fears around the Greece debt crisis
subsided. The technology, consumer and energy sectors chalked up
gains after the benchmarks ended their six week losing
streak.
The Dow Jones Industrial
Average (DJIA) gained 0.6% to finish at 12,080.38. The Standard
& Poor 500 (S&P 500) was up 0.5% and settled at 1,278.36.
The Nasdaq Composite Index finally settled in the green after three
consecutive days of losses, climbing 0.5% to close at 2,629.66. The
fear-gauge CBOE Volatility Index (VIX) posted its biggest drop
since March 21 as it plunged 8.5% to settle near 20. On the New
York Stock Exchange, AMEX and Nasdaq, consolidated volumes were
5.66 billion shares, significantly lower than the daily average of
7.58 billion. On the NYSE, consolidated volumes were 3.1 billion
shares and for every stock that declined, two stocks managed to
move up.
The Dow had dropped below the
12, 000 level last week but recouped the losses on Friday to trade
above the psychological mark. On Monday, the Dow held its ground
and only five of the thirty Dow components ended in the red. The
five stocks that failed to advance were Bank of America Corporation
(NYSE:BAC), General Electric Co. (NYSE:GE), Hewlett-Packard Company
(NYSE:HPQ), JPMorgan Chase & Co. (NYSE:JPM), The Travelers
Companies, Inc. (NYSE:TRV) and they dropped 0.8%, 0.1%, 0.03%, 0.8%
and 0.6%, respectively.
Analysts had expected that
the S&P 500 might once again hit the low of 1, 250 recorded in
March. The downturn had taken the index close to its average level
over the preceding 200 days. After touching an intraday low of
1,258 last week, the index has rebounded and is somewhat above the
technical level. Investors believe this is an indication for buying
stocks unless the benchmark drops below 1, 250.
Among the benchmarks, the
Nasdaq was the only index to end lower last week. The Nasdaq also
failed to advance over the last three trading days, while the Dow
and S&P 500 posted gains. However, the index finally gained on
Monday. Nonetheless, the markets are still on course for a
quarterly loss, the first such decline since the second quarter of
2010.
After a day when talks
between France and Germany suggested a possible resolution to the
country’s woes through a debt deal, Euro-zone finance ministers
stated that they expect Greece to adopt harsher austerity measures
in order to receive a higher bailout package. They also stated that
such loans will be disbursed in mid-July. In other news, Italy’s
rating was also put on review by credit rating agency
Moody’s.
Coming to individual stocks,
the technology sector ended with significant gains and lifted the
broader markets. Among the gainers on the tech front were Oracle
Corp. (NASDAQ:ORCL), Adobe Systems Inc. (NASDAQ:ADBE), Microsoft
Corporation (NASDAQ:MSFT), Dell Inc. (NASDAQ:DELL) and Yahoo! Inc.
(NASDAQ:YHOO) and they gained 2.3%, 1.6%, 0.9%, 1.1% and 2.0%,
respectively.
Consumer staple and
discretionary stocks were among the leading gainers and the S&P
consumer staples index gained 0.7%. The gains were led by stocks
like Whole Foods Market, Inc. (NASDAQ:WFM), Target Corp.
(NYSE:TGT), J. C. Penney Company, Inc. (NYSE:JCP), Macy's, Inc.
(NYSE:M), Bon-Ton Stores Inc. (NASDAQ:BONT) and Dillard's Inc.
(NYSE:DDS) and they surged 2.2%, 1.5%, 2.6%, 1.4%, 6.1% and 2.6%,
respectively.
Crude prices halted their
losses as July crude-oil futures rose 25 cents to trade at $93.26
per barrel. The gainers included Exxon Mobil Corporation
(NYSE:XOM), Chevron Corp. (NYSE:CVX), ConocoPhillips (NYSE:COP),
Halliburton Company (NYSE:HAL), Schlumberger Limited (NYSE:SLB),
and they increased 0.9%, 0.8%, 0.5%, 0.9% and 0.4%,
respectively.
ADOBE SYSTEMS (ADBE): Free Stock Analysis Report
BANK OF AMER CP (BAC): Free Stock Analysis Report
DELL INC (DELL): Free Stock Analysis Report
GENL ELECTRIC (GE): Free Stock Analysis Report
HALLIBURTON CO (HAL): Free Stock Analysis Report
HEWLETT PACKARD (HPQ): Free Stock Analysis Report
PENNEY (JC) INC (JCP): Free Stock Analysis Report
JPMORGAN CHASE (JPM): Free Stock Analysis Report
MACYS INC (M): Free Stock Analysis Report
MICROSOFT CORP (MSFT): Free Stock Analysis Report
ORACLE CORP (ORCL): Free Stock Analysis Report
TARGET CORP (TGT): Free Stock Analysis Report
TRAVELERS COS (TRV): Free Stock Analysis Report
WHOLE FOODS MKT (WFM): Free Stock Analysis Report
YAHOO! INC (YHOO): Free Stock Analysis Report
Zacks Investment Research
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