U.S. stocks maintained its winning streak of the week and rose for the fourth straight day on Thursday, 30 June 2011. Progress by Greece's parliament in moving toward shoring up its finances helped. Just today, the country's officials passed a vote to implement the country's new austerity plan. Today, though, tech has was a primary driver of the stock market's climb. The dollar stayed weak during the course of the day and the commodities did have a fair day.
For the day, that ended on Thursday, 30 June 2011, Dow ended higher by 152.92 points (1.2%) at 12,414.3. Nasdaq ended higher by 33.03 points (1.2%) at 2,773.52. S&P; 500 ended higher by 13.23 points (1.01%) at 1,320.64.
Advancing 0.8% on the second quarter, the Dow Jones benchmark fell 1.2% for the month. The Nasdaq Composite fell 0.3% for the quarter and is off 2.2% for the month of June 2011. The S&P; 500 shed 1.8% for the month and 0.4% for the second quarter.
All ten economic sectors ended higher led by industrial, energy, materials, and technology sectors on Thursday. Twenty-six out of thirty Dow components ended higher.
Latest data released today showed that a Chicago-area manufacturing gauge unexpectedly accelerated in June, confounding expectations after other regional polls slowed. ISM-Chicago said the Chicago business barometer, which also is called the Chicago PMI, rose to a 61.1% reading from a 56.6% level in May to break a three-month losing run. Market was surprised by the report, as market braced for a 55.0% reading.
In another latest dose of economic data, the Labor Department reported today that 428,000 workers filed new applications last week for unemployment benefits, barely changed from the week before, in another sign that momentum in the labor market has petered out. Jobless claims edged down by 1,000 to a seasonally adjusted 428,000 in the week ended 25 June. Initial claims from two weeks ago were unrevised at 429,000. Market had expected initial claims to fall to 425,000.
The average of new claims over the past four weeks, meanwhile, was essentially unchanged at 426,750. The monthly average is considered a more accurate measure of employment trends.
Leading gains on the S&P; 500, NetApp shares rose 5.8% after the provider of storage-networking equipment forecast 2012 revenue above analysts' expectations.
First Solar was also among the top risers on the S&P; 500 after the Energy Department granted the solar-panel manufacturer conditional loan guarantees worth $4.5 billion.
In the currency market on Thursday, the dollar was trading lower by 0.2% during the course of the day.
Crude prices ended higher for third straight day on Thursday, 30 June 2011 at Nymex. Prices rose as energy department reported a day before sharp drop in crude inventories for last week. Lower dollar and mixed economic data at home front also impacted prices. On Thursday, crude oil futures for light sweet crude for August delivery closed higher by $0.65 (0.7%) at $95.42/barrel. Crude ended June 2011 lower by 7%. Crude dropped 11% in the second quarter of this year.
Precious metals ended mixed on Thursday, 30 June, 2011 at Comex. Gold prices inched lower while silver rose. Prices tried to stay steady after two previous sessions of rise and mixed economic data on US home front. Easing of some euro zone's troubles to a certain extent also affected prices. Gold for August delivery fell $7.6 or 0.5%, to end at $1,502.8 an ounce on the Comex division of the New York Mercantile Exchange on Thursday. Gold ended June 2011 lower by 2.2%. On Thursday, silver prices for July delivery rose by $0.06 (0.2%) to end at $34.83. Silver ended the month of June lower by 9% followed by a 21% drop in May. Silver prices ended the second quarter lower by 8%.
For every four stocks on the decline, 11 gained on the New York Stock Exchange, where 996 million shares traded. Composite volume neared 3.9 billion.
Indian ADRs ended mostly higher on Thursday. HDFC Bank, Infosys, VSNL and Tata Motors were the main gainers soaring 2.5%, 1.1%, 1.6% and 0.9% respectively.
For tomorrow, no earning or economic report is expected. Market is gearing up for the long weekend with Wall Street being closed on coming Monday, 04 July 2011 on account of Independence Day holiday.
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