Stocks Close Week Higher, Nasdaq Lands Six Straight

Retail sales and Fed updates propped up stocks this week

Assistant Editor
Jun 19, 2020 at 4:30 PM
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Despite marking triple-digit gains early in the day, the Dow fell once again, finishing 200 points lower after a plethora of headlines concerning a resurgence in coronavirus cases stoked fears among investors. Meanwhile, the S&P 500 also lost ground to finish the day lower, while the Nasdaq managed to scrape together its sixth straight daily win. Regardless, all three indexes managed to end with weekly gains, thanks to mid-week record retail sales data and Fed updates. 

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The Dow Jones Industrial Average (DJI - 25,873.01) was off 207.1 points, or 0.8% for the day, but rose 1% for the week. Walgreens Boots Alliance (WBA) is today's winner, rising 5.1% to finish the day. Meanwhile, Walt Disney (DIS) fell to the bottom, ending 3.4% lower.

Meanwhile, the S&P 500 Index (SPX - 3,097.74) dropped 17.6 points, or 0.6%, and the Nasdaq Composite (IXIC - 9,946.12) added 3.1 points, or 0.03%. The indexes finished 1.9% and 3.7% higher for the week, respectively. 

Meanwhile, the Cboe Volatility Index (VIX - 35.12) gained 2.2 points, or 6.6%, for the day, but lost 2.7% for the week.

Closing Summary June 19

NYSE Nasdaq June 19

5 Items on Our Radar Today

  1. The measure of the country's debt to other nations, the U.S. current account-deficit, slipped a paltry 0.1% in the first quarter, down to $104.2 billion from a revised $104.3 billion in the 2019 fourth quarter. (MarketWatch)
  2. The Fed's Vice Chairman for Supervision, Randal Quarles, announced that Wall Street's banks should prepare for their dividends to be influenced by adjustments to the annual stress tests. (Bloomberg)
  3. Analyst chatter gives Accenture stock a nifty bump.
  4. EOG was lifted by a bull note.
  5. One Apple supplier experienced a post-earnings pop.

Earnings June 19

Unusual Options Activity June 19

Data courtesy of Trade-Alert

Oil and Gold Rise to Close Week

Oil rose to end the week, but fell from midday highs due to second-wave concerns, which hampered optimism regarding reopening economies. Regardless, a tightening in output cuts from the Organization of the Petroleum Exporting Countries (OPEC) drove July-dated crude to tack on 91 cents, or 2.3%, to settle at $39.75 per barrel for the day, and up nearly 10% for the week.

Gold rose as well, as investors flocked to the safe haven as fears mounted of a resurgence in COVID-19 infections. Gold for August delivery added $21.90, or 1.3%, to settle at $1,753 per ounce on the day, and 0.9% for the week.

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