Wall St ends slightly higher in shortened session, Tesla jumps
Tesla shares jumped 6.9% as the electric vehicle maker said it delivered a record number of vehicles in the second quarter. Shares of major banks gained after the companies raised dividends as they sailed through the Federal Reserve's annual health check. Wells Fargo shares rose 1.7%, Citigroup shares climbed 1.5%, while the S&P 500 banks index ended up 1.5%.
Trading volumes were lighter than average as the stock market closed at 1 p.m. ET ahead of the July 4th Independence Day holiday on Tuesday. «You have got a lot of people that are just not in the market today,» said Chuck Carlson, chief executive at Horizon Investment Services in Hammond, Indiana.
«Nobody is really placing any big bets on either side of the market right now.» The Dow Jones Industrial Average rose 10.87 points, or 0.03%, to 34,418.47; the S&P 500 gained 5.21 points, or 0.12%, at 4,455.59; and the Nasdaq Composite added 28.85 points, or 0.21%, at 13,816.77. While nine of the 11 S&P 500 sectors rose, healthcare fell the most, dropping 0.8%, while the heavyweight technology sector fell 0.3%. Stocks ended higher on Friday, closing out a strong first-half of the year for major equity indexes.
The Nasdaq Composite posted its biggest first-half gain in 40 years, rising 31.7%. Outsized gains for megacap stocks have led indexes this year, but recent signs have shown a broadening rally. «You have a stronger market and the likelihood of a more sustained upside move when you have broader strength,» Carlson said.
A widely watched section of the U.S. Treasury yield curve hit its deepest inversion on Monday since 1981, reflecting financial markets' concerns about the economy. U.S.
Read more on economictimes.indiatimes.com
