[ad_2]
The Dow Jones Industrial Average slipped Friday but posted its sixth consecutive month of gains.
U.S. stocks made most of their advances in the first half of July, as investors bet that global central banks would extend stimulus measures after the U.K. voted to leave the European Union, and as the June jobs report reassured investors that the economy was improving. In July, the blue-chip index rose 2.8% after closing at a record seven times, the most for a month since December 2014.
Yet in the last two weeks, the market’s momentum has slowed. The Dow industrials have moved up or down less than half a percent each trading session this past week. The index fell 24.11 points, or 0.1%, to 18432.24 on Friday, down 0.7% for the week.
Today’s Highlights
- Bank of Japan Takes Modest Easing Action
- Japan Stocks Recover From BOJ Disappointment
- U.S. Economy Grew 1.2% in Second Quarter
- The Secret Sauce for Norway’s Currency
“The mood just seems indifferent,” said Mohit Bajaj, director of ETF trading solutions at WallachBeth Capital. “These small moves have been pretty much the norm lately.”
The lack of big swings came during a busy time for corporate earnings and key economic data. With more than half of the companies in the S&P 500 having reported so far, earnings are expected to decline 3.8% from a year earlier, according to FactSet. On June 30, analysts had expected earnings to fall 5.3%.
The S&P 500 rose 3.54 points on Friday, or 0.2%, to 2173.60—its second highest close in history—leaving it up 3.6% in July but finishing the week roughly where it started. It also closed at a record seven times during the month.
The tech-heavy Nasdaq Composite Index, which has lagged behind the two other indexes throughout the year, rose 7.15 points, or 0.1%, to 5162.13 on Friday and 6.6% for the month.
Technology shares were among the best performers in July. Shares of Google parent Alphabet climbed $25.50, or 3.3%, Friday to $791.34, its second-highest close ever, after the company said Thursday its quarterly profit surged.
Even as indexes rallied in July, some investors said a sense of unease—underscored by the incremental moves in indexes in recent days—remained.
“I don’t view the market as being off to the races by any stretch of the imagination,” said Alan Gayle, director of asset allocation at RidgeWorth Investments. Mr. Gayle added that he hopes to see additional signs of economic growth before feeling more confident about U.S. equities.
On Friday, the government said U.S. gross domestic product grew at a seasonally adjusted rate of 1.2% in the second quarter, lower than the consensus among economists of 2.6%.
U.S. crude oil had its biggest one-month decline in a year, falling 14% to $41.60 a barrel as rising production and a glut of gasoline around the world renewed concerns of an oversupply.
The yield on the 10-year U.S. Treasury note fell for a second consecutive month. The yield declined to 1.458%, compared with 1.492% at the end of June.
ENLARGE
Shares of Google parent Alphabet Inc. rose after the company said quarterly profit soared 24%.
Photo:
Marcio Jose Sanchez/Associated Press
Write to Riva Gold at riva.gold@wsj.com
Write to Riva Gold at riva.gold@wsj.com
Let's block ads! (Why?)
[ad_1]
Source link
3 COMMENTS