Stock Market News For Jun 14, 2019
Markets closed in the green on Thursday after energy shares rallied following an attack on oil tankers in the Gulf of Oman. Further, shares of Disney supported gains for the Dow. The three major benchmarks ended in the positive territory.
The Dow Jones Industrial Average (DJI) increased 0.4%, to close at 26,106.77. The S&P 500 increased 0.4% to close at 2,891.64. The tech-laden Nasdaq Composite Index closed at 7,837.13, gaining 0.6%. The fear-gauge CBOE Volatility Index (VIX) increased 2.1% to close at 16.24. Advancers outnumbered decliners on the NYSE by a 3.87-to-1 ratio. On Nasdaq, a 2.48-to-1 ratio favored advancing issues.
How Did the Benchmarks Perform?
The Dow amassed 101.9 points to close in the green. Gains for the 30-stock index were broad were led by a rally in the shares of Disney DIS, which gained 4.4%. Disney has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The S&P 500 added 11.8 points to end in positive territory. Of the 11 major sectors of the S&P 500, 10 ended in the green, with energy and communication services stocks leading the advancers. The Energy Select Sector SPDR Fund (XLE) and Communication Services Select Sector SPDR Fund (XLC) increased 1.2% and 1.1%, respectively on Thursday.
Meanwhile, the Nasdaq advanced 44.4 points to also close in the green. Gains for the Nasdaq were broad-based and supported by a 1.4% rally in the shares of Facebook FB.
Investors also closely followed the latest developments on the trade war front between the United States and China. President Trump stated on late Wednesday that he didn’t have a particular deadline for imposing additional tariffs on China. He also showed optimism regarding reaching a trade deal with China. Such comments also boosted the investor sentiment.
Attack on Oil Tankers Sends Energy Shares Higher
Two oil tankers were attacked near the Strait of Hormuz in the Gulf of Oman on Jun 13. One of the two tankers were left burning and adrift and sailors and the crew were rescued from both the tankers with assistance from the U.S. Navy. The attack comes at a time when geopolitical tensions between the United States and Iran remain high.
Cmdr. Joshua Frey, a spokesperson the 5th Fleet said that the U.S. Navy had come to the rescue of the sailors and described the incident as a “reported attack.” However, he did not comment on how the attack was carried out and who the suspects were. Both the Brent crude and U.S. benchmark West Texas Intermediate crude rose after the reports, with Brent rising by as much as 4% to $62 a barrel.
On the economic data front, initial jobless claims for the last week rose to 222,000, higher than the consensus estimate of 217,000. Meanwhile, the Labor Department stated that the cost of imported goods fell 0.3% in May.
Stocks That Made Headlines
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Alaska Air Group, Inc. (ALK): Free Stock Analysis Report
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