Stocks – Market Struggles for Gains
Investing.com – Stocks ended the week basically flat, as if traders were exhausted by all the drama the week threw at them. But the S&P 500 hit a new intraday high for a second day in a row.
The ended down 0.13% after hitting a new high of 2,964.15 early in the day. The sagged at the close, ending down 0.13%, and the dropped back 0.24%.
Among influences this week, there was the U.S. drone shot down off the coast of Iran that nearly caused a U.S. attack on Iranian military facilities. The Federal Reserve signaled an interest-rate cut, and maybe more, was coming. Its chairman said the central bank was worried about the health of U.S. manufacturing and global economic growth. President Donald Trump agreed to meet with Chinese president Xi Jinping at next week’s G-20 summit in Tokyo. And the president held back on imposing big tariffs on Mexico.
For the week, the S&P 500 was up 2.2%, while the Dow rose 2.4% and the Nasdaq was up 3%. The weekly gains were the third straight for the major indexes. But June has been one of the strongest Junes for stocks since the 1950s, The Wall Street Journal noted. The S&P 500 is up nearly 7.2% so far this month, with the Dow is enjoying a 7.7% gain, and the Nasdaq up 7.8%.
jumped 9% on the week, hitting $57.42. Gold topped $1,400 an ounce, its highest close in nearly six years.
Interest rates moved up slightly, despite the Fed’s signal it could cut rates soon. Investing.com’s puts the odds of a rate cut at the Fed’s July meeting at 100%. The Fed’s key federal funds rate is 2.25% to 2.5%.
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