Posted on 06/07/2018 8:05:36 AM PDT by SeekAndFind
The S&P 500 rose 0.9% to close at 2,772.35 as financial stocks gained 1.9%. The 10-year Treasury note yield benchmark rose to 2.98% following European yields after the European Central Bank talked about exiting its asset-purchasing program. JP Morgan Chase, Bank of America and Morgan Stanley stock were all up more than 2% while Goldman Sachs also posted solid gain at 1.7%.
The Dow Jones industrial average closed 346.41 points in the green at 25,146.39 as Boeing soared 3.2% contributing to most of the gains. The Dow Jones closed above 25,000 for the first time since mid-March. The 10-year Treasury note yield benchmark rose to 2.98% following European yields after the European Central Bank talked about exiting its asset-purchasing program. JP Morgan Chase, Bank of America and Morgan Stanley stock were all up more than 2% while Goldman Sachs also posted solid gain at 1.7%.
The Nasdaq Composite Index closed 0.7% higher at 7,689.24 and hit a new all-time high. However, the Financial Times reported that the European Union was about to reveal a negative finding from a probe on Google. Alphabet, Google parent company closed 0.4% lower.
"It's interesting because, over the past few years, you've seen tech perform as a defensive sector. What we're seeing are concerns about global growth as overseas data have, overall, suggested moderation outside of the U.S."commented Quincy Krosby, chief market strategist at Prudential Financial.
Looking back, last week the White House slapped tariffs on imported steel and aluminum to the United States. As a result, Mexico, Canada and the Eurozone are set to retaliate against US tariffs with more tariffs on US goods.
"At least for now, instead of getting trade deals done with the stick of steel and aluminum tariffs, we have instead invited tariffs back on us," "I thought the point of our tariffs on them was to get them to negotiate with us but instead it's just inviting more tariffs. Let's hope this stays under control," wrote in a note, Peter Boockvar, chief investment officer at Bleakley Advisory Group,
Obama deserves the credit for this. If he hadn’t messed up America so much, there wouldn’t have been so much room for improvement.
Sounds impressive until you remember that dow jones divisor.
Without that, the DJIA is about 3630.
So the idiots on the left want us to drop our tariffs and let their tariffs stay as they are.
This of course is politics and protection of their industries.
Trump is calling them all out, and will continue to call them out. It might mean that Trudeau, and Merkel and the rest get kicked out of office, but there’s a new sheriff in town, and I doubt that he will budge on this.
“Get The Hell Out Of My Way”
Shouldn’t values be adjusted to reflect stock splits?
That’s the purpose of it, as well as to account for companies added/dropped to the list. Unfortunately, over time, this has led to these overblown numbers.
They are afraid to just run the calculation as originally because they believe the new resulting DJIA would scare people and scramble the markets.
I don’t share that belief. I like reality. Nothing wrong with adding a footnote that says “DJIA dropped Widget Co and added Squeegie Co today.”
They sock it to U.S. with 20% tariffs on our exports, while we charge them 2% to sell into our market, the richest in the world. Our trade deficit with China alone was $375 BILLION last year, and even with Mexico it was $70 Billion. Can you say “Uncle Sap?”
As for our corporate pukes, they’d sell their own grandmother for an extra hundred dollar bill. They trade on volume, not values, and don’t give a rip about what these grossly unfair trade deals have done to our country.
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