July 3 New York

Pinestone Investments

The DJIA gained by 129.64 points to 21479.27 while the S&P 500 Index rose by 5.60 points to 2429.01.  The Nasdaq Composite Index fell by 30.360 points to 6110.060 while the Nasdaq 100 Index declined by 49.962 points to 5596.956.  The yield on 10-year treasury notes rose by 4.6 basis points to 2.35 percent.   The yen weakened against the dollar by 0.99 yen, closing at 113.38.  WTI crude futures rose 2.24 percent to $47.07 a barrel.  U.S. stocks were mixed as a rally in banks took the DJIA to a fresh record, while technology shares tumbled anew.  The U.S. dollar strengthened as factory data bolstered optimism in the strength of the American economy.  Energy and financial shares lifted the S&P 500 Index though the measure erased more than half of its gain in the final hour of trading.  The Dow rose as much as 243 points to an intraday record before closing higher by 130 points.  The Nasdaq 100 Index dropped 0.88 percent.  Markets closed at 1 p.m. ahead of the July 4 holiday.  The dollar strengthened the most in two weeks after American factories powered up in June at the fastest pace in nearly three years.  WTI crude futures climbed after industry data Friday showed active U.S. rigs declined for the first time in 24 weeks.  Trading volumes in many markets were light before Tuesday’s U.S. holiday and as investors await Friday’s report on the American jobs market.  Economic data may provide a key insight for traders in the wake of a hawkish shift from central banks that roiled markets last week.  U.S. factories powered up in June at the fastest pace in nearly three years, with robust advances in production,orders and employment that indicate a firming in the economy, data from the Institute for Supply Management showed Monday.  Factory index rose to 57.8, highest since August 2014 (est. 55.3) from 54.9 in May.  Readings above 50 indicate growth.  ISM’s gauge of new orders increased to three- month high of 63.5 from 59.5.  Measure of production picked up, while employment gauge climbed to the second-highest level since 2011.  Oil extended the longest run of gains this year, closing above $47 a barrel, as U.S. drilling slowed after a record expansion.  While prices surged last week, oil in New York and London still posted a monthly loss in June after tumbling into a bare market on concerns that rising global supply will counter cuts from the OPEC and its partners.  WTI for August delivery advanced $1.03 to settle at $47.07 a barrel on the New York Mercantile Exchange.

Kazuhide Matsuishi

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