Stocks Notch Best Quarterly Wins in Decades

The Fed said it's striving to get Americans back to work

by Jake Scott

Published on Jun 30, 2020 at 4:36 PM
Updated on Jun 30, 2020 at 4:40 PM

Stocks raced toward session highs at the end of the day, winding down a roller-coaster June with outsized gains. The Dow and S&P 500 notched their best quarterly wins since 1987 and 1998, respectively, while the tech-rich Nasdaq nabbed its best quarter since 2001. But aside from the sizable quarterly gains, day-to-day coronavirus tensions continue to bubble, especially after joint testimonies from Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin before the House Financial Services Committee. Powell reiterated that the Fed's main goal was getting the over 25 million of Americans back to work, while stressing that second-wave infections – if not properly addressed – could once again undermine consumer confidence. Nevertheless, all three benchmarks closed out June with modest monthly wins.

  • This bank stock buckled after a dividend cut.
  • Lululemon is steering right into the work(out) from home trend.
  • Plus, one risky gold stock; UBER rose on acquisition talks; and an Apple supplier lifted its revenue forecast.

 

The Dow Jones Industrial Average (DJI - 25,812.88) rose 217.1 points, or 0.9% for the day. Intel (INTC) lead the charge, rising 2.7%. Meanwhile, Boeing (BA) reversed course from yesterday's big gains, dropping to the bottom with a 5.8% loss. For the month, the DJI added 1.7%, and for the quarter it surged 17.8%.

Meanwhile, the S&P 500 Index (SPX - 3,100.29) gained 47.1 points, or 1.5% on the day, 2% for the month, and 20.1% for the quarter. The Nasdaq Composite (IXIC - 10,058.77) added 184.6 points, or 1.9% for today's session, 6% for June, and 30.6% for the quarter.

Meanwhile, the Cboe Volatility Index (VIX - 30.43) lost 1.4 points, or 4.3%, for the day and 43.1% for the quarter. For June, however, the VIX managed to add 10.6%.

 

Closing Summary June 30

 

NYSE Nasdaq June 30

5 Items on Our Radar Today

  1. Arizona and New Jersey became the latest states to roll back or altogether pause their reopening plans amid a spike in COVID-19 cases across the U.S. New cases jumped 40% over the past week. (CNBC)
  2. The Chicago region saw business conditions rise in June after falling to a 38-year low the month before. Specifically, production and new orders saw the biggest gains. (MarketWatch)
  3. This gold stock could be a bad bet in July.
  4. A $2.6 billion acquisition boosted Uber stock.
  5. One Apple supplier rose after a sunny forecast.


Earnings June 30

Unusual Options Acitivty June 30

Data courtesy of Trade-Alert

Gold Hits Highest Mark Since 2011

Black gold took a breather today, as renewed COVID-19 anxieties sapped crude demand. August-dated crude -- which expires at the end of this session -- fell 43 cents, or 1.1%, to settle at $39.27 per barrel for the day. Oil added 91% for the quarter, its best in nearly three decades.  

Gold prices roared higher today, earlier touching their highest peak since 2011. August-delivery gold gained $19.30, or 1.1%, to settle at $1,800.50 an ounce. The safe-haven asset gained 13% for the quarter, and 3% for the month of June. 


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