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Stocks – S & P closes over 3,000 as Wall Street's Rally on Rate Hope continues at Investing.com




© Reuters.

Investing.com – The very happy July stock market rally bubbled together Friday with the big averages all set new heights and the S&P 500 closes over 3,000 for the first time.

It closed 0.46% after hitting a new high of 3,013.62. It finished up 0.9% after its second 200-point win in two days; Friday's win was 244 points. The Blue-chip index hit a new high of 27 333.79. It added 0.6% along with a new high of 8 246.

The rally was driven by the intense belief the Federal Reserve will cut its interest rate on its July 30 -31[ads1] meeting. Lower prices increase the value of stocks and bonds.

For several weeks, Fed Chairman Jerome Powell has signaled a fall in prices. He told Congress twice a week, the central bank is ready to "act as appropriate" to support economic expansion, now in its tenth year. Stocks have risen as a result. His concern – and Fed's – has been prompted to slow down business investment, slow wage growth, and the Trump administration's trade policy, especially the trade struggle with China.

The rates actually went a little lower Friday, with a fall of 0.3% to 2.13%. The dividend has fallen more than 20% this year.

Oil prices went up a bit on Friday, despite skepticism that today's rally might not last. Raw futures ended up with 1 cent at $ 60.21 per barrel. earned 20 cents at $ 66.72.

The inventory was mainly led by non-technical stocks, especially industrial stocks, including (NYSE :), Caterpillar (NYSE :), 3M (NYSE 🙂 and Boeing NYSE :).

Chip stocks moved higher, by up 1.9%. Chip giant Intel (NASDAQ 🙂 was also a winner, up 2.7%.

Facebook (NASDAQ 🙂 rose 1.8% as The Wall Street Journal reported that the Federal Trade Commission has approved a $ 5 billion remedy over its social media survey company's handling of user data. Stocks were up to 0.2% after hours.

Pharmaceutical and health services were lower, with Johnson & Johnson (NYSE 🙂 slumping on a report that a federal grand jury examines whether the company lied about the presence of asbestos in its talcum powder. J & J, Merck (NYSE 🙂 and Pfizer (NYSE 🙂 were Dow losers.

on his social media investigation of the company's data user handling

over his social media survey of user data management

Facebook (NASDAQ 🙂 increased 1.8% since The Wall Street Journal reported that Federal Trade The Commission has approved a $ 5 billion fine over its investigation of the social media firm's handling of user data. Stocks were up another 0.2% after hours.

This week, it finished 1.52%, with up 0.8% and Nasdaq up 1%. For the year, S & P 500 increased by 20%, Dow 17.2% and Nasdaq up 24.3%.

Next week, the earnings season will increase in the second quarter, led by bank and financial shares. JPMorgan Chase (NYSE 🙂 will report before Tuesday is open.

Winners and losers in S & P 500

Trucker JB Hunt Transport Services (NASDAQ :), Signet Jewelers (NYSE 🙂 and women's apparel maker L Brands (NYSE 🙂 were among the best S & P 500 shares a day.

Scientific equipment and service business Illumina (NASDAQ :), Johnson & Johnson (NYSE 🙂 and medical equipment hardware Boston Scientific (NYSE 🙂 were among the S&P 500 laggards of the day.



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