US Indexes Close Higher on the Last Day of June

Nasdaq up 12.11% for the year Continue reading... Read More...

The Dow Jones Industrial Average closed at 25,812.88 on Tuesday with a gain of 217.08 points or 0.85%. The S&P 500 closed at 3,100.29 for a gain of 47.05 points or 1.54%. The Nasdaq Composite closed at 10,058.77 for a gain of 184.61 points or 1.87%. The VIX Volatility Index was lower at 30.37 for a loss of 1.41 points or -4.44%.

For the year, the Nasdaq is up 12.11%, the S&P 500 is down 4.04% and the Dow Jones is down 9.55%. In the second quarter, the Nasdaq gained approximately 34%, the S&P 500 was up 22% and the Dow Jones had a return of 18%.

Tuesday’s market movers

U.S. stocks ended higher on the last day of June, closing out a strong second quarter comparable to record gains from 1998. Semiconductor stocks gained nearly 3% Tuesday as represented by the PHLX Semiconductors Index. For the quarter, S&P 500 energy led sector gains up 32%, followed by a return of 31% from the Nasdaq 100.

On Capital Hill, Dr. Anthony Fauci testified before a Senate committee. Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin also testified before a House Committee regarding pandemic developments. Comments from Powell this week have suggested that the U.S. economy has entered into recovery faster than many economists had expected.

Despite the economic improvements, Arizona, Texas, Florida and California remained on watch as resurgence trouble spots. Each of these states has retracted some of their reopening plans, possibly also slowing other reopening plans across the country.

All of the FAANGs managed to report gains Tuesday, despite ad boycotts. Facebook (NASDAQ:FB) has called a meeting for advertisers to discuss boycotting efforts. For the quarter, Apple (AAPL) led FAANG gains with a return of 46%.

In other news:

China passed a national security law, giving it more authority over Hong Kong.
Uber (UBER) has offered to buyout Postmates, adding to capital considerations ahead of a possible initial public offering.

The S&P/Case-Shiller Home Price Index increased 0.9% in April and 4% year over year.
The Chicago Purchasing Managers Index improved to 36.6 in June from 32.3.
The Conference Board’s Consumer Confidence Index improved to 98.1 in June from 85.9.
The Treasury held auctions for 119-day bills at a rate of 0.155% and 42-day bills at a rate of 0.130%.

In the S&P 100, the following stocks led gains:

Halliburton (NYSE:HAL) 4.67%
Bank of New York Mellon (NYSE:BK) 4.63%
FedEx (NYSE:FDX) 3.78%
PayPal (NASDAQ:PYPL) 3.55%
Gilead (NASDAQ:GILD) 3.23%
Nvidia (NASDAQ:NVDA) 3.13%
Amazon (NASDAQ:AMZN) 3.03%
Facebook (NASDAQ:FB) 2.88%

Small-cap stocks

In small caps, the Russell 2000 closed at 1,441.37 for a gain of 20.16 points or 1.42%. The S&P 600 closed at 831.89 for a gain of 11.63 points or 1.42%. The Dow Jones U.S. Small-Cap Growth Index closed at 9,967.96 for a gain of 143.55 points or 1.46%. The Dow Jones U.S. Small-Cap Value Index closed at 6,912.44 for a gain of 78.46 points or 1.15%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,783.21 for a gain of 23.20 points or 1.32%; the S&P 100 at 1,427.23 for a gain of 21.38 points or 1.52%; the Nasdaq 100 at 10,156.85 for a gain of 195.69 points or 1.96%; the Russell 3000 at 1,809.25 for a gain of 27.76 points or 1.56%; the Russell 1000 at 1,717.47 for a gain of 26.49 points or 1.57%; the Wilshire 5000 at 31,615.60 for a gain of 483.83 points or 1.55%; and the Dow Jones U.S. Select Dividend Index at 578.35 for a gain of 8.05 points or 1.41%.

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This article first appeared on GuruFocus.