US Equities: Dow & S&P close higher while Nasdaq drops
Major equity indexes in the U.S. closed the first trading day of the second half of 2017 mixed as the rise in energy, and financial stocks were countered by another drop in tech shares.
As crude oil prices continued to recover on Monday, oil giants like Exxon and Mobil Chevron recorded solid gains, pushing the S&P energy index 2% higher and allowing the S&P 500 to close the day at 2,432.88, up 2.88 points. "Oil is rallying today, so that is causing some excitement in the energy space, but that is what you would expect because oil has been so beaten up," Ken Polcari, Director of the NYSE floor division at O’Neil Securities in New York, told Reuters.
In the meantime, the Dow Jones Industrial Average gained 130 points, or 0.6%, to finish the day at 21,479.27 as the financials added 1.3%. On the other hand, the technology dragged down the heavy-tech Nasdaq Composite Index once again, and the index lost 30.36 points, or 0.49%, to close at 6,110.06.
Headlines from the U.S. session
- US NFP: Stage set for faster wage growth - Wells Fargo
- Fed: Yellen was hospitalized for a few days, returning to work this week - NYT
- US Construction Spending: Unchanged in May, moderate growth expected - Wells Fargo
- US ISM: A strong month in June, positive signals for the future - Wells Fargo
- US Dollar inches closer to 96 as recovery continues
- Strong ISM manufacturing bolsters Fed hike case - ING
- WTI extends the rally above $46.00
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
