Stocks End Month, Quarter With Gains

Includes: DIA, QQQ, SPY
by: Midnight Trader
  • Dow Jones Industrial Average up 277.83 (+2.20%) to 12,880.09
  • S&P 500 up 33.12 (+2.49%) to 1,362.16
  • Nasdaq Composite Index up 85.56 (+3.00%) to 2,935.05


  • Hang Seng Index up 2.19%
  • Shanghai China Composite Index up 1.35%
  • FTSE 100 Index up 1.42%

Stocks finished with outsized gains, ending the quarter with their best monthly gains since October, after European policymakers agreed to relax repayment conditions for Spanish banks while removing conditions to allow Italy to receive aid. The moves helped overcome soft economic data at home, with personal income growth and consumer spending both slowing in May from the prior month, while consumer sentiment declined to its lowest point this year. All 10 industry sectors in the S&P 500 rose today, with the strongest advances among industrial and technology stocks. Shares of energy and mining companies also ended sharply higher, following big gains for crude oil, gold and other metals in commodities trading.

Crude oil jumped over 9% today, carrying energy stocks to a collective 3% advance, as the U.S. dollar declined against the euro following the EU bank rescue plan, lifting dollar-denominated commodities. Crude also benefited today from supply concerns with oil import sanctions on Iran into the eurozone set to begin July 1.

Metals also finished stronger. August gold rose $53.20 to $1603.50 an ounce while September silver added $1.39 to $27.67 an ounce. July copper rose 16 cents to $3.49.

In economic news, the University of Michigan-Thomson Reuters consumer-sentiment index fell over 6 points from the prior month to a final June reading of 73.2, its lowest level since December. Experts polled by MarketWatch had expected a final June reading of 74. Also, U.S. consumer spending fell slightly during May, declining less than 0.1% last month, the Commerce Department said. April spending was revised down to a 0.1% increase. Personal income rose 0.2% in May.

In company news, cloud-based business services provider ServiceNow (NYSE:NOW) was up more than 35% just ahead of the close, climbing over $6 a share in its first day of trading.

The IPO went out at $18 a share, above its projected $15 to $17 range, with a total of 11.7 million shares sold. It was the fourth new stock to reach Wall Street this week, and the first technology IPO following a month-long dry spell since Facebook's (NASDAQ:FB) May 18 debut.


(+) TAHO, Guatemalan government assures firm it won't seek stake in Escobal silver mine

(+) SSN, Reports encouraging results from the Spirit of America #2 well project


(-) UNIS, Priced offering of 6.15 million shares at $3.25 each

(-) RIMM, Posts $0.37 a share net loss on 3.1 billion in revenue, missing forecasts by wide margin. Blackberry 10 delayed until 2013

(-) NKE, Reports fiscal Q4 per-share earnings of $1.17, $0.20 below Street forecasts