Market Roundup: Positive Week on Strong Earnings

Economy/Stock Market

Indices kicked off the week closing at new record highs on Monday, thanks in part to strong performance in Technology and M&A action. The following day, indices closed the session with mixed moves. The Dow hit a new record level while the S&P 500 and NASDAQ shed some points. West Texas Intermediate crude oil fell 1.3 percent to settle at $44.65 a barrel. In other news, Commerce Department numbers showed housing starts ramped up in June with new construction ticking up 4.8% to an annual rate of 1.19 million units, versus expectations of 1.17 million units. The Dow closed at a record high level on Wednesday on better-than-expected quarterly figures from Technology companies. The rally ended on Thursday with the three major indices closing in the red zone. National Association of Realtors data showed existing home sales ticked up 1.1% to an annual rate of 5.57 million units in June, versus economist expectations of 5.47 million units. Results returned to green on Friday with the S&P 500 closing at a record high level, despite West Texas Intermediate crude oil shedding 3.8% to settle at $44.19 a barrel. 

Market Roundup: Week of New Record Highs as Stocks Surged for a Third Straight Week

Economy/Stock Market

The S&P 500 Index hit its first record high in more than a year on Monday, as stocks traded well into the green zone as a result of stronger-than-expected employment numbers for June. Earnings season kicked off after the closing bell. On Tuesday, the Dow Jones Industrial Average and S&P 500 hit new record heights, and Energy stocks gained on a jump in crude oil. West Texas Intermediate crude tacked on 4.6% to settle at $46.77 a barrel. Indices closed with mixed moves on Wednesday. The Dow and S&P 500 posted marginal gains to close at new record levels once again, while the NASDAQ shed some points. Moves were mixed amid a variety of economic news. West Texas Intermediate crude oil slipped 3.85% to settle at $45 a barrel, likely causing Energy stocks to trade lower. Details released from the Federal Reserve’s Beige Book report showed economic activity increased at a modest rate since mid-May amid slight price pressures and a small decline in consumer spending. Indices closed trading with gains on Thursday with crude oil rebounding from Wednesday’s downswing. Elsewhere, initial jobless claims held steady last week, as Labor Department data showed new claims remained at an addition of 254,000 for a second week straight. Additionally, continuing claims increased by 32,000 to 2.149 million in the week ended July 2, 2016. The markets closed with mixed moves on Friday. The Dow hit a new record while the S&P 500 and NASDAQ ended fractionally in the red for the session. West Texas Intermediate crude oil settled at $45.99 a barrel. In economic news, retail sales jumped up by an unexpected 0.6% in June. Economists had expected a lesser 0.1% gain. Advances at home-improvement and garden retailers led the ascent.