A shorter day for trading ahead of 4 July independence Day celebration meant lighter trading volumes. The Dow and S&P 500 enjoyed a surge at the start of the second half of the year. Markets are closed on Tuesday 4 July for Independence Day celebrations.
Nasdaq slipped -0.49% to 6110.06 as technology stocks took a hit. While energy and financial stocks helped to boost the S&P 500 +0.23% to 2429.01 and the Dow up +0.61% to 21479.21.
Institute for Supply Management released a buoyant manufacturing report showing US economic activity expanded for June. The PMI index increased 2.9 percentage points from May to 57.8% with 15 of 18 manufacturing industries reporting growth.
- Dow 21,479 +0.61%
- S&P 500 2,429.01 +0.23%
- Nasdaq 6,110.06 -0.49%
- Russell 2000 1,426.68 +0.80%
- NYSE Composite 11,835 +0.63%
- Gold 1,221.40 -1.68%
- Oil WTI $49.62 +1.74%
- 10-Year Treasury Yield 2.35% +0.08
The report stated there were expanding business conditions reflected through "new orders, production, employment, backlog and exports all growing in June". Some suppliers stated they were even "struggling to keep up with the production pace" with supply deliveries and inventories.
Oil barrels along
Brent oil rally in its eighth straight day pushed energy stocks higher and was the best performing sector on the S&P 500.
Brent oil rose +1.74% at $49.62 a barrel. Oilfield services company, Baker Hughes was amongst the high risers up +5.82% to $57.68 as too was Transocean which jumped +5.35% to $8.67.
Chemical process company, CF Industries, was also a big gainer at +4.51% to $29.22 and clothing company, Gap, was up +4.18%.