Market Roundup: Friday’s Rally Pushed Markets into Green Zone for the Week

The week started out with mixed moves as the Dow and S&P 500 closed Monday in the red while the NASDAQ added gains. Major Energy brands retreated on news of increased crude oil inventories. Similarly, West Texas Intermediate crude oil slipped 3.9% to settle at $39.99 a barrel. The Institute for Supply Management’s Manufacturing Index fell by 0.6 point to 52.6, but despite the decrease, production ticked up and new orders held on to most of June’s gain. The indices fell fully into the red on Tuesday as oil prices weighed on the market. Crude oil shed 1.4%, settling at $39.51 a barrel. U.S. consumer spending rose 0.4% in June versus expectations of a 0.3% increase. Additionally, personal income edged up 0.2% for the same month, versus an expected 0.3% uptick. Stocks stepped up Wednesday on rebounding oil and other economic news. West Texas Intermediate crude tacked on 4.05% to settle at $41.11 a barrel. The Institute for Supply Management’s Non-Manufacturing Index registered a reading of 55.5, down from 56.5 in June. Results were mixed the following day as stocks traded relatively flat ahead of the July payroll report. Labor Department data showed initial jobless claims increased by 3,000 to 269,000 last week versus expectations of a dip to 263,000. Continuing claims decreased by 6,000 to 2.138 million in the week ended July 23. Indices closed Friday’s trading session in the green zone with the S&P 500 and NASDAQ hitting all-time high levels. Labor Department data showed the U.S. economy added 255,000 jobs in July versus an expected addition of 185,000. The unemployment rate held steady at 4.9% versus an expected decrease to 4.8%. Meanwhile, June’s numbers were upwardly revised to 292,000 from 287,000. 

Market Roundup: Week of Mixed Results Ends with S&P Nearly Flat

Stocks closed Monday with mixed results on a slip in crude oil and anticipation of the Federal Reserve’s July meeting. Energy sector stocks led the way down. Tuesday, a handful of disappointing earnings brought the Dow Jones Industrial Average down. With nearly a third of the S&P 500 companies having reported quarterly results, earnings are on track to contract 4.5% in the second quarter from the prior year. Mixed moves continued mid-week with the Dow and S&P 500 shedding points while the NASDAQ landed in the green zone. U.S. stocks were little changed after the Federal Reserve held short-term interest rates steady. On Thursday, the Dow shed some points while the S&P 500 and NASDAQ closed with slight gains. Initial jobless claims ramped up last week as the Labor Department reported new claims increased by 14,000 to 266,000. Continuing claims climbed 7,000 to 2.139 million in the week ended July 16. In Friday’s mixed results, the Dow shed some points while the S&P 500 and NASDAQ added gains. West Texas Intermediate crude oil tacked on 1.1% to settle at $41.60 a barrel. Also on Friday, University of Michigan Consumer Sentiment Survey declined for July, shedding 3.5 points for a reading of 90, marking a three-month low. Additionally, the advanced reading for second quarter GDP disappointed, rising just 1.2% compared to consensus estimates of 2.6%. Overall, the S&P closed the week down 0.05% while the Dow lost 0.75% and the NASDAQ gained 1.23% for the week.