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Stocks begin quarter with broad rally, Dow comes within two points of 17K

  • The S&P and Dow rallied to finish at new all-time highs but pared earlier gains that took the Dow to the brink of 17,000 for the first time; the Nasdaq pushed to its highest level since March 2000, while the Russell 2000 finished just short of its high set March 4.
  • Investors were heartened by data that showed expansion in U.S. manufacturing and better than expected sales for major U.S. automakers; China's first manufacturing expansion since December also helped early sentiment.
  • GM jumped 3% as the automaker reported its U.S. car and light truck sales rose 1% in June, while Netflix surged 7% after Goldman Sachs upgraded the stock to Buy; utilities lagged, with Exelon falling 2% as one of the bigger S&P losers.
  • Participation was light, with fewer than 675M shares traded at the NYSE.
  • Treasury prices fell steadily through the session, with the 10-year note shedding nine ticks and raising the benchmark yield by 3 bps to 2.56%.
Comments (2)
  • Deja Vu
    , contributor
    Comments (1247) | Send Message
     
    Look ma, no hands...
    1 Jul, 11:41 PM Reply Like
  • jj1937
    , contributor
    Comments (1113) | Send Message
     
    17,000 tomorrow. Thought we would be there by the end of May. Let's get this party started.
    2 Jul, 12:02 AM Reply Like
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