June 16 New York

Pinestone Investments

The DJIA rose by 24.38 points to 21384.28 while the S&P 500 Index gained by 0.69 points to 2433.15.  The Nasdaq Composite Index fell by 13.74 points to 6151.76.  The yield on 10- year Treasury notes fell one basis point to 2.15%, after Thursday’s four-basis point jump.  The rate dropped on Wednesday to 2.13 %, the lowest level since November.  WTI crude futures rose 0.6 percent to settle at $44.74 abarrel.  Oil fell more than 2 percent for the week to cap its longest run of weekly losses since 2015.  OPEC member Libya restored production and the surplus in the U.S. shows little sign of abating.  The DJIA and the SP 500 rose while the dollar weakened with Treasury yields after poor housing data and a slamp in consumer sentiment added to signs the U.S. economy’s growth rate may be slower than forecast.  Oil rose with metals.  Food retailers led losses in the S&P 500 Index after Amazon.com Inc. agreed to buy Whole Foods Market Inc.  The DJIA pushed into the green in the final minute of trading during an event known as quadruple witching, when futures and optionss contracts expire.  Tech shares slipped, pointing the Nasdaq 100 Index to a second straight weekly decline.  The dollar capped a weekly drop after new-home construction faltered for a third month and consumer confidence fell the most since October.  Oil pared a fourth straight weekly decline.  Equities largely weathered a week that saw the Federal Reseerve rate hikes and renewed tumult in Washington that continues to delay the Trump administration’s policy agenda.

Kazuhide Matsuishi

Comments are closed.