Business News – Financial News – Stock Exchange – Wall Street – Market News – New York Stock Exchange 2014
This was a short holiday week, with markets closed Friday, nevertheless, optimism was abundant. Monday marked the end of the 2nd quarter with the S&P 500 gaining the past six quarters, the longest string of quarterly gains since 1998. In addition, the Chicago purchasing managers’ index remained strong at 62.6 for June, down from 65.5 in May. The pending home sales index, for existing homes, surged 6.1% in May.
On Tuesday, China’s purchasing managers’ index for June was at 51, a six month high. The Institute for Supply Management’s manufacturing index was 55.3 for June, close to May’s five month high of 55.4. Both the S&P 500 and the Dow Jones Industrial Average closed at record highs.
On Wednesday, the ADP employment report for June came in much stronger than expected at 281,000 and much higher than May’s 179,000. Factory orders for May fell .5%, however, defense dragged it down, and removing the defense component showed a slight .2% rise. The S&P 500 and the Dow Industrials both closed at record highs.
On Thursday, the much awaited nonfarm payroll report for June came out and it did not disappoint. Total jobs increased 288,000, much higher than expected and up from 224,000 in May. The unemployment rate fell to 6.1%, and average hourly earnings were up .2%. Jobless claims for the week ending June 28th held steady at 315,000, almost unchanged from the prior week. Markets were up modestly on the news and the Dow Industrials broke 17,000 for the first time.
July 3, 2014 Weekly Stock Market Wrap up:
General Motors (NYSE: GM)
Hormel Food Corp. (NYSE: HRL)
Google (NASDAQ: GOOG)
Kroger (NYSE: KR),
Vitacost.com Inc. (NASDAQ: VITC