Friday, June 11, SUMMARY
The Street digested a mixed bag of economic data today. On the positive side, the Reuters/University of Michigan consumer sentiment index jumped by more than expected in early June, soaring to the highest level since early 2008. But then the Commerce Department said retail sales unexpectedly declined by 1.2% in May, defying economists’ predictions for a modest rise, and snapping an eight-month winning streak.
It was the bulls who took over in the final hour of trading as the DOW and S&P 500 closed with small gains.
The Dow Jones Industrial Average (DJIA – 10,211.07) finished with a gain of 38.5 points, or 0.4%, as 19 of its 30 blue chips ended in the black. While the Dow still faces pressure from its 10-month moving average, the blue-chip index snapped a three-week losing streak, finishing the week 2.8% ahead.
The S&P 500 Index (SPX – 1,091.60) also took a decisive turn higher in the final hour of trading, adding 4.8 points, or 0.4%, to end above its 20-day trendline for the first time since early May. While the SPX is still looking up at the round-number 1,100 level, the broad-market barometer advanced 2.5% on the week.
The Nasdaq Composite (COMP – 2,243.60) tacked on 24.9 points, or 1.1%, by the close. Furthermore, the tech-rich index toppled its own 20-day trendline for only the second time since April 29. For the week, the COMP gained 1%.
Crude futures pulled back from a four-month peak and snapped a three-session run higher today, as weaker-than-anticipated retail sales data sparked concerns about demand in the world’s biggest oil-consuming country. July-dated crude oil futures surrendered $1.70, or 2.4%, to settle at $73.78 per barrel. For the week crude added 3.2%.
Gold futures finished higher today, as gold for August delivery advanced $8, or 0.7%, to end at $1,230.20 an ounce. For the week, the precious metal gained 1%.
