Market Direction: BULLISH alert
issued 6/20/2019
What is the current stock market direction?
Vote BULLISH (Up) or BEARISH (Down) in the upper right side bar, the current stock market direction weekly closing numbers. Leave a comment. Now for the news…
The economy
The S&P 500 gained 0.6% on Friday, wrapping up its best June since 1955 and closing out the quarter on a high note, as the market positioned itself for the G-20 meeting between President Trump and President Xi.
The Dow Jones Industrial Average increased 0.3%, the Nasdaq Composite increased 0.5%, and the Russell 2000 outperformed with a gain of 1.3%. On a related note, the annual rebalancing of the Russell indexes contributed to a surge in volume at the close.
End-of-the-quarter rebalancing likely factored into Friday's price action, but the market's top focus was the Trump-Xi meeting. That meeting will take place Friday night at around 10:30 p.m. ET. The consensus view was that the two sides would agree to keep talking and withhold any additional tariffs, which was an outcome that would seemingly satisfy the market.
The S&P 500 financials sector (+1.4%) had its own catalyst, rising on the back of bank stocks after the Fed did not object to the capital plans of 18 of the largest banking institutions. As a result, most of these firms will increase their quarterly dividends and buy back more of their outstanding shares.
The rest of the S&P 500 sectors also finished higher, buoyed by a last-minute pop into the close. The energy (+1.2%), industrials (+1.0%), and materials (+0.9%) sectors outperformed the broader market.
Shares of Apple (AAPL 197.92, -1.82, -0.9%) were under pressure after the company announced the departure of its long-time chief design officer, Jony Ives. Separately, The Wall Street Journal reported that Apple will move production of its new Mac Pro to China from the U.S.
In earnings news, Nike (NKE 83.95, +0.29, +0.4%) missed profit estimates for the first time in seven years, but it did calm some nerves after it maintained its full-year guidance. Constellation Brands (STZ 196.94, +8.73, +4.6%) pleased investors with its solid results and upbeat guidance.
U.S. Treasuries finished little changed on Friday. The 2-yr yield remained at 1.74%, and the 10-yr yield declined one basis point to 2.00%. The U.S. Dollar Index finished unchanged at 96.18. WTI crude fell 1.7% to $58.38/bbl after news that several EU nations set up a trade channel with Iran to avoid U.S. sanctions.
$tockMarketDirection proprietary model is currently BULLISH. We strongly encourage you to monitor positions closely, exercise proper money management strategies and follow us at $tockMarketDirection for ALERTS we may issue advising a change in the current market direction. Stay tuned and follow us. If you have a testimonial or comment of how this website has helped you we would like to know, write us. Share with a friend.
The market direction weekly closing numbers for the indexes this week compared to the initial BULLISH recommendation closing numbers:
Stock Market Closing Numbers
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compared to Recommendation Numbers
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6/20/2019
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6/28/2019
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Difference
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26,753.20
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26,599.96
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154.24
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8,05134
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8,006.24
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45.10
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2,954.18
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2,941.76
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12.42
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