ZCZC
BCN-15
US-STOCKS-MARKETS
S&P 500 ends at record on dovish Fed, rally in oil shares
NEW YORK, June 21, 2019 (BSS/AFP) – The S&P 500 finished at a record high
Thursday, boosted by a rally in oil-linked shares amid new US-Iran tensions
and continued positive sentiment over the Federal Reserve’s dovish tilt.
The broad-based equity index ended the day at 2,954.18, up 1.0 percent
from Wednesday’s close and about eight points over the record set in April.
The Dow Jones Industrial Average gained 0.9 percent to finish the session
at 26,753.17, while the tech-rich Nasdaq Composite Index advanced 0.8 percent
to 8,051.34.
Investors were cheered by the Fed’s policy statement and news conference
Wednesday, which opened the door to a potential interest rate cut as soon as
July.
The market also shrugged off a dip in the yield on the 10-year US Treasury
note — which is often seen as an angst-producing harbinger of economic
weakness.
“Stocks are higher across the board … as the Fed’s dovish shift
continues to fuel the rally across asset classes,” Gorilla Trades strategist
Ken Berman said in a midday note.
While the gains were broad-based, petroleum-linked shares were especially
buoyant as oil prices rallied in the wake of heightening tensions between the
US and Iran after Iran shot down a US spy drone.
Apache won 3.1 percent, Halliburton 4.9 percent and Transocean 4.7
percent.
BSS/AFP/HR/1030