U.S. market indexes were higher on Monday with valuations mostly led by positive sentiment for the U.K. remaining in the European Union. For the day the Dow Jones Industrial Average closed at 17,804.87 for a gain of 129.71 points or 0.73%. The Standard & Poor's 500 was also higher, closing at 2,083.25 for a gain of 12.03 points or 0.58%. The Nasdaq Composite closed higher at 4,837.21 for a gain of 36.88 points or 0.77%. The VIX Volatility Index was lower for the day at 18.37 with a loss of -1.04 points or -5.36%.
In the Dow Jones Industrial Average the following stocks led gains:
- Boeing (BA, Financial) 2.26%.
- Goldman Sachs (GS, Financial) 1.45%.
- 3M (MMM, Financial) 1.36%.
- Intel (INTC, Financial) 1.29%.
- Nike (NKE, Financial) 1.21%.
- IBM (IBM, Financial) 1.07%.
No significant U.S. economic reports were on the calendar for Monday. However, Minneapolis Federal Reserve President Neel Kashkari spoke at a forum in Washington about too-big-to-fail banks. Kashkari reported that despite current efforts there was still more work to do to ensure the financial planning for these banks in a potential bankruptcy scenario.
Speculation over a U.K. exit vote continued to be in focus for market investors Monday. While polls are showing more favorable sentiment towards remaining in the European Union, speculators are still cautiously considering hedge positions in case the U.K. does vote to exit on Thursday.
In a CNBC report, a market specialist from Gradient Investments gave his perspective on a potential U.K. exit from the European Union with insight on stocks that could gain.
Disclosure: I do not own any stocks mentioned in this article.
Start a free seven-day trial of Premium Membership to GuruFocus.
