The Week In Review
The major averages succumbed to profit-taking today after a big run up this week with the S&P 500 making fresh record highs earlier in the day. The Dow Jones Industrial Average closed down 34 points at 26,719 while the Nasdaq Composite lost 0.2% to end the day at 8,031. The S&P 500 ended the day down 0.1% at 2,950 after hitting an intraday all-time high of 2,964. The S&P500 is up over 7% for the month, on track for the best month of June since 1955.
The major stock indexes jumped to their session highs after Dow Jones reported that Vice President Mike Pence would postpone a China policy address amid "positive signs" on trade. But then pared their gains after the Commerce Department barred five additional Chinese companies from buying U.S. components without approval.
Chip stocks fell on the department's decision. Micron Technology shares closed 2.6% lower while Advanced Micro Devices lost 3%. Xilinx shares also dropped more than 2%.
Among the sectors, The energy space rose 0.8%, utilities rose 0.5%, health care up 0.4%, and communication services rose 0.4%. Real estate declined 1.1%, industrials dropped 0.5% and information technology dropped 0.5%.
Eergy stocks continued to benefit from higher oil prices ($57.37/bbl, +$0.25, +0.4%) and also from an explosion at the East Coast's largest refinery on Friday. The price of oil is up 9% for the week driven by underlying geopolitical concerns.
On Thursday, President Trump said he ordered a retaliatory strike on Tehran but scrapped the plans ten minutes prior to launch.
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