Stocks Finish Near Session Highs
Stocks rose in a shortened trading session, with all three major indexes finishing near session highs. Stocks were pushed higher by better than expected factory orders data, which eased worries over the U.S. economy.
The Dow Jones ended the day 0.56% higher at 12,943.82, the S&P 500 ended the day 0.62% higher at 1,374.02, and the Nasdaq ended the day 0.84% higher at 2,976.08. Market will remain closed on Wednesday for the Independence Day holiday.
Earlier today, stocks opened on a mixed note as investors remained cautious following the weak manufacturing data released on Monday. However, the mood quickly changed as investors digested better than expected factory orders data. According to figures released by the Commerce Department, factory orders climbed 0.7% in May, beating economists’ forecast of a gain of 0.2%.
All sectors in the S&P 500 finished the day in green. Basic Materials and Energy sectors led the gains in the S&P 500 today, ending the day 1.76% and 1.87% higher, respectively. Both sectors rose hopes that further monetary stimulus by central banks will support global economic growth. Technology sector ended the day 1.06% higher, while Financials ended the day 0.76% higher. Industrials closed 1.47% higher.
Among the major gainers in trading today were Apple Inc. (NASDAQ: AAPL), which ended the day 1.16% higher at $599.41, Microsoft Corporation (NASDAQ: MSFT), which ended the day 0.65% higher at $30.76, China Mobile Ltd. (ADR) (NYSE: CHL), which ended the day 2.32% higher at $56.05, The Corporate Executive Board Company (NYSE: EXBD), which ended the day 10.73% higher at $46.11, and Theravance Inc. (NASDAQ: THRX), which ended the day 9.67% higher at $27.10.
European markets ended mostly higher today amid hopes that the European Central Bank will cut rates at this week’s meeting. The FTSE 100 Index in London ended the day 0.83% higher, while the CAC 40 Index in Paris ended the day 0.96% higher. Asian markets also ended higher overnight, with the Nikkei 225 Index in Japan closing 0.70% higher.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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