U.S. equities closed mixed on Monday with the Dow and S&P 500 Index posting solid gains and the NASDAQ another loss. This is a sign that the leadership in the markets during the second half of the year may be shifting from the technology sector to the financial services sector.
In the cash market, the benchmark S&P 500 Index settled at 2429.01, up 5.60 or +0.23%. The blue chip Dow Jones Industrial Average closed at 21479.27, up 129.64 or +0.61% and the technology-based NASDAQ Composite ended the session at 6112.56, down 27.86 or -0.45%.
On Monday, bank stocks rose with Goldman Sachs driving the Dow to an all-time high and the Financial Services Sector higher. Rising crude oil prices also supported the Energy sector which also contributed to the strong performances in the Dow and S&P 500.
The markets closed early on Monday so volume was below average. The markets are closed on Tuesday due to the U.S. Fourth of July bank holiday. Since Friday is Non-Farm Payrolls day, volume may be light all week with many of the major players taking time-out until next money. This sets up the indexes for volatility in either direction.
In economic news, the HIS Markit U.S. Manufacturing PMI Index for June slipped to 52.0 from 52.7 in May.
The ISM Manufacturing Index for June rose to 57.8 from 54.9 in May. Construction Spending was flat at 0.0%. This was an improvement from the previously revised -0.7%. It also failed to meet the 0.3% estimate.
ISM Manufacturing Prices came in at 55.0, down from the previous 60.5. Total Vehicle Sales were flat at 16.5.
This article was originally posted on FX Empire
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