Investing.com – The very happy July stock market rallied on Friday with the big averages that set new heights and the S & P 500 closes over 3,000 for the first time.
It closed up 0.46% after meeting a new high of 3,013.62. It finished up 0.9% after its second 200-point search for two days; Friday's profit was 244 points. The blue-chip index hit a new high of 27 333.79. It increased 0.6% along with a new high of 8 246.
The rally was driven by the intense belief that the Federal Reserve will lower interest rates at its meeting on July 30 -31
For several weeks, Fed Chairman Jerome Powell has signaled an interest rate cut. He told the congress twice a week, the central bank is ready to "act as appropriate" to support the economic expansion, now in its tenth year. Stocks have risen as a result. His concerns – and Fed's – have been caused by long-term business investments, slow wage developments, and Trump administration's trading policies, especially its trade dispute with China.
Interest rates actually moved slightly lower Friday with falling 0.3% to 2.113%. The interest rate has fallen more than 20% this year.
The oil price rose slightly on Friday, despite skepticism that the current rally cannot be. raw futures ended 1 cent at $ 60.21 per barrel. settled 20 cents to $ 66.72.
The inventory was largely led by non-technical stocks, especially industrial stocks including (NYSE :), Caterpillar (NYSE :), 3M (NYSE 🙂 and Boeing NYSE :).
The chip stocks moved higher, with an increase of 1.9%. Chip giant Intel (NASDAQ 🙂 was also a winner, up 2.7%.
Facebook (NASDAQ 🙂 rose 1.8% as the Wall Street Journal reported the Federal Trade Commission has approved a $ 5 billion fine over its social media company's survey of user data management. The shares increased an additional 0.2% after hours.
The pharmaceutical and healthcare stocks were lower, while Johnson & Johnson (NYSE 🙂 slumped on a report by a federal jury investigating whether the company lied about the presence of asbestos in its talcum powder. J & J, Merck (NYSE 🙂 and Pfizer (NYSE 🙂 were the Dow losers.
on his social media company's survey of user data management
over his social media user data management survey
For the week, it ended with 1.52%, with 0.8% and Nasdaq up 1%. For the year, S & P 500 has increased by 20%, Dow 17.2% and Nasdaq up 24.3%.
Next week, the profit period for the second quarter is lowered, led by bank and financial shares. JPMorgan Chase (NYSE 🙂 will report before Tuesday is open.
Winners and losers in S & P 500
Trucker JB Hunt Transport Services (NASDAQ :), Signet Jewelers (NYSE 🙂 and women's clothing manufacturer L Brands (NYSE 🙂 were among the best S & P 500 shares per day.
Scientific equipment and service company Illumina (NASDAQ :), Johnson & Johnson (NYSE 🙂 and medical device manufacturer Boston Scientific (NYSE 🙂 were among the S&P 500 laggards of the day.