Today was the last trading day of the 2nd quarter. And the DOW ended the quarter with its best performance since 1987!
After the open, stocks rallied all morning long.
There was a pause in the rally ahead of Fed Chair Jerome Powell & Treasury Secretary Steven Mnuchin’s testimony. Their testimony before the House Financial Services Committee started at 12:30pm ET.
In Powell’s prepared remarks, the Fed Chair stated that “path to recovery is extraordinary uncertain.”
But without any surprises from Powell and Munchin, the major indices took off again.
Stocks closed out the last day of the second quarter in smashing style.
The DOW had its best quarter since 1987. The S&P had its largest rally in a single quarter since 1998, and the NASDAQ saw its best quarterly performance since 1999.
Here’s where the major markets ended the day:
Micron (MU) shares gained +4.8% after a better than expected quarterly earnings. The report showed that there is a strong demand from cloud clients. And as the ever-increasing cloud expands, so will the need for microchip suppliers. Development of 5g networks and next-generation game consoles are also pushing this stock higher.
Uber (UBER) finished +4.9% higher after news surfaced that the company is in talks to buy Postmates. Due to the effects of coronavirus, companies like Uber are trying to capitalize on the increased need for food delivery. A potential deal could value Postmates at $2.6 billion.
Tesla (TSLA) shares landed on the moon today. Setting new all-time highs, the company’s net worth surpassed $201 billion. Tesla closed +7.0% higher ahead of its second-quarter earnings report. Tesla is now the second most valuable car company, closing in on Toyota’s $214 billion market cap.
Looking at the economic calendar, all eyes will be on the economic calendar this week with Initial Jobless Claims Report on Wednesday and the closely watched Jobs Report on Thursday. Both reports are moved up a day because of Friday’s bank holiday.
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