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Wall Street Rallied as Dow Jones Touched Record High

On Monday, June 21, Wall Street recovered. It rallied as the benchmark Dow closed on its strongest session for over three months.

In earlier weeks, investors flocked back to energy and other sectors, which should outperform as the economy recovers from the COVID-19 pandemic.

US stocks ended higher as Oil & Gas, Financials, and Basic Materials sectors led the gains.

At the close of the New York Stock Exchange, the Dow Jones Industrial Average surged 1.76%.

Also, the benchmark S&P 500 and the NASDAQ Composite index both climbed 1.40% and 0.79%, respectively.

The best performers on the Dow Jones index were American Express Company, Boeing Co, and Chevron Corp, which all rose 4.27%, 3.34%, and 2.95%, respectively.

Meanwhile, in the S&P 500, the top performers were APA Corporation, EOG Resources Inc, and Hess Corporation, which all progressed 7.36%, 7.21%, and 7.21%, respectively.

In addition, the gainers in NASDAQ Composite were Torchlight Energy Resources Inc, Raven Industries Inc, and Moxian Inc, which all boosted 57.58%, 49.20%, and 46.39%, respectively.

The soaring stocks outnumbered the falling firms on the NYSE by 2432 to 753, and 118 closed unchanged.

While on the Nasdaq Stock Exchange, 2051 progressed and 1397 fell while 143 stayed unmoved.

Lastly, the CBOE Volatility Index, which gauges the implied volatility of S&P 500 options, sank 13.62% to 17.88.

Meanwhile, the MSCI’s All Country World Index improved 0.72% as it recovered some of Friday’s session losses. This was after it touched its lowest since May 24 in the previous sessions.

Hawkish Fed Signal

 

The hawkish Fed signal on monetary policy created a round of profit-taking, which took out value stocks leading to this month’s overgrowth. This triggered the worst weekly performance for the benchmark S&P 500 and Dow Jones Industrial Average in months.

The S&P 500 value index led the gains in the country’s equities so far this year. It surged 1.9%, which outperformed a 0.9% increase in the growth index. The said value index includes banks, energy, and other economically sensitive sectors. This phenomenon made a sharp reversal last week.

Meanwhile, this week’s focus will be on the US factory activity surveys and home sales data. On Tuesday, Fed Chief Jerome Powell will testify before Congress.

On Friday, market participants will edge for a major trading event. This was when the FTSE Russell finished the annual rebalancing of its indices, affecting trillions of dollars in investments.

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