A tumultuous week for technology stocks ends with gains at Friday close boosting S&P 500 to the best first half of year performance in four years.
In today's market, the Dow Jones briefly touched a high of 21,422 in late afternoon trading, at close it dropped 62 points or 0.29% to 21,349. Oil jumped 2.87% to $46 a barrel as production activity slowed since six months.
As the first half of the year draws to a close, the S&P 500, which is weighted with just over 20% in technology stocks, rose 15% while the Dow gained 19%. Tech heavy Nasdaq saw gains of 26% but ended slightly down on the day's trading -0.06%.
- Dow 21,349 +0.29%
- S&P 500 2,423 +0.15%
- Nasdaq 6,140 -0.66%
- Russell 2000 1,415 -0.06%
- NYSE Composite 11,761 +0.18%
- Gold 1,241.3 -0.36%
- Oil WTI $47.90 +1.01%
- 10-Year Treasury Yield 2.30% +0.03
Prevailing winds, but rudderless
Investors seeking sectors of safety saw broad gains in several industries with the exception of telecom and energy stocks. The latter bruised by languishing oil prices.
Whether or not this bull run has any staying power is reliant on investor confidence. However, market commentators surmise that investors remain unsure about the US economy, low inflation and the chances of success of Trump's stimulus plans.
Nike shares take flight
Meanwhile Nike led the gainers climbing close to 11% to $59 on its better-than-expected earnings and revenue results and its deal to sell limited items directly on Amazon.
According to Zacks, Lindsay Drucker Mann, analyst from Goldman Sachs, projects Nike could see revenues of $300 to 500 mn as a result of the deal.
Other movers were chemical company, Tronox up +10% to $15.12 and Semiconductor Manufacturing International up 8.78% to $5.70. Quanta Services sprang up +3.26% and BorgWarner went up +2.72%.
At the losing end were Micron Technology declining -5.12% and Regeneron Pharmaceuticals down -3.68% and Western Digital Corp fell -3.33%.