The Dow Jones Industrial Average closed at 25,763.16 on Monday with a gain of 157.62 points or 0.62%. The S&P 500 closed at 3,066.59 for a gain of 25.28 points or 0.83%. The Nasdaq Composite closed at 9,726.02 for a gain of 137.21 points or 1.43%. The VIX Volatility Index was lower at 34.75 for a loss of 1.34 points or -3.71%.
Monday’s market movers
U.S. indexes ended with gains Monday after starting the day on a down note. Investors were cautious of uncertainties surrounding a resurgence of coronavirus cases in the U.S. and globally. The Food and Drug Administration withdrew its emergency authorization of mosquito, malaria drugs, chloroquine and hydroxychloroquine. The Nasdaq Biotech Index led sector gains for the day, up nearly 2%, as drug companies work on vaccines and other support. Biotech gains were led by:
- MannKind (MNKD, Financial) +16.9%
- Momenta Pharmaceuticals (MNTA, Financial) +14.81%
- Osmotica Pharmaceuticals (OSMT) +12.38%
- Epizyme Inc. (EPZM) +11.64%
Afternoon trading was helped by an announcement from the Fed, reporting it would take an index approach to its $250 billion credit program focused on corporate bonds. All companies across the credit market will be represented as long as they meet criteria, primarily focused around ratings levels and maturity.
Other highlights for the day included the following:
- JPMorgan was selected as the financial advisor to help Freddie Mac exit conservatorship
- The New York Empire State Manufacturing Index improved to -0.20 in June from -48.5
- The Treasury held auctions for three-month bills at a rate of 0.175% and six-month bills at a rate of 0.185%
- The Treasury released its International Capital report. Net capital flows were $125.3 billion in April; foreign bond investment were -$176.7; net long-term Treasury international capital flows were -$128.4 billion
In the S&P 100, the following stocks led gains:
- United Parcel Service (UPS, Financial) +4.1%
- Occidental Petroleum (OXY, Financial) +3.7%
- U.S. Bancorp (USB, Financial) +3.39%
- BlackRock (BLK, Financial) +3.03%
- Halliburton (HAL, Financial) +2.9%
- NVIDIA (NVDA, Financial) +2.79%
- American Express (AXP, Financial) +2.77%
- Oracle (ORCL, Financial) +2.68%
- Morgan Stanley (MS, Financial) +2.68%
Small-cap stocks
In small caps, the Russell 2000 closed at 1,419.61 for a gain of 31.92 points or 2.30%. The S&P 600 closed at 829.29 for a gain of 16.80 points or 2.07%. The Dow Jones U.S. Small-Cap Growth Index closed at 9,802.21 for a gain of 230.62 points or 2.41%. The Dow Jones U.S. Small-Cap Value Index closed at 7,073.50 for a gain of 93.83 points or 1.34%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,786.50 for a gain of 26.59 points or 1.51%; the S&P 100 at 1,403.10 for a gain of 9.84 points or 0.71%; the Nasdaq 100 at 9,776.89 for a gain of 113.12 points or 1.17%; the Russell 3000 at 1,788.97 for a gain of 17.91 points or 1.01%; the Russell 1000 at 1,698.59 for a gain of 15.67 points or 0.93%; the Wilshire 5000 at 31,274.70 for a gain of 313.23 points or 1.01%; and the Dow Jones U.S. Select Dividend Index at 592.78 for a gain of 4.64 points or 0.79%.
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