Banks Lead Broad Rally, Wall Street Goes Higher

Published on: 03 Jul, 2017

On Monday, U.S. stocks began the third quarter on a positive note , with bank shares leading a broad rally.

Bank of America (NYSE: BAC) and JPMorgan Chase & Co. (NYSE: JPM) helped lift the S&P 500 index, while Goldman Sachs (NYSE: GS) gave the biggest boost to the Dow Jones Industrial Average.

With the U.S. market closing early at 1700 GMT, trading volume is expected to be light. On Tuesday it will be shut down for Independence Day.

The Nasdaq Composite’s first-half gain was its best in eight years, while the S&P 500 scored its biggest gain for the first half of the year since 2013.

Peter Cardillo, the chief market economist at First Standard Financial said that “The start to the third quarter is getting off on a promising note as the futures point to a higher opening in pre-holiday volume,”

“On the domestic front, we look for mixed-to-positive manufacturing dta and a slight uptick in construction spending. In this abbreviated trading session, we look for positive market action as investors focus turns to the economy.”

In May, the Institute for Supply Management’s U.S. factory activity for June is expected to have increased to a reading of 55.1 from 54.9 in May.

Also in May, U.S. construction spending is likely to have rebounded 0.2 percent from a 1.4 percent dip recorded in April.

At 9:35 AM ET, the S&P 500 .SPX was p 11.64 points, or 0.48 percent, at 2435.05, and the Down Jones Industrial Average .DJI was up 96.62 points, or 0.45 percent at 21,446.25. The Nasdaq Composite .IXIC was up 31.27 points, or 0.51 percent, at 6,171.69.

After the luxury electric-car maker said it would deliver its mass-market Model 3 sedan to first 30 customers on July 28, Tesla Inc. (NASDAQ: TSLA) shares went up 2 percent.

After Berkshire Hathaway Inc. (NYSE: BRK.B) invoked its right to acquire 700 million shares of the bank, Bank of America edged up 0.9 percent, making it the lender’s top shareholder.

After the company said it would be bought by digital marketing company Red Ventures for $1.24 billion, Bankrate (RATE.N) jumped 9.3 percent.


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