Day Traders Diary
The markets rose sharply once again as the S&P 500 is on its longest winning streak since February and the greatest 50 day rally in history. The Dow Jones Industrial Average jumped 527 points, or 2% to 26,269. First close above 26,000 since the first week of March. The S&P 500 gained 1.3% while the Nasdaq Composite advanced 0.8%. Wednesday's gain put the Dow on pace for its third consecutive gain while the Nasdaq index is less than 1% from its record high set Feb. 19th.
Within the S&P 500, the industrials rose 4%, financials rose 3.8% and energy rose 3%. The continued rise in oil prices ($37.56/bbl, +0.46, +1.3%) following an unexpected decline in weekly crude inventories was an added benefit for energy stocks. The health care sector was one of the few sectors lower.
In corporate news, Lyft rose 8% as rides were up 20% in May versus April while Zoom Video rose 7% providing impressive quarterly results and guidance.
Safe-haven assets were out of favor amid the bullish bias in stocks. Gold futures declined 1.7% to $1704.90/ozt, the U.S. Dollar Index declined 0.4% to 97.28, and the 10-yr yield rose eight basis points to 0.76%. The 2-yr yield increased three basis points to 0.19%.
All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.