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Julie Young
Julie Young
Articles (1174) 

Indexes Close Higher, Tech Stocks Gain Tuesday With Facebook's Crypto Announcement

Nasdaq up 1.39%

June 18, 2019 | About:

The Dow Jones Industrial Average closed at 26,465.54 on Tuesday with a gain of 353.01 points or 1.35%. The S&P 500 closed at 2,917.75 for a gain of 28.08 points or 0.97%. The Nasdaq Composite closed at 7,953.88 for a gain of 108.86 points or 1.39%. The VIX Volatility Index was lower at 15.28 for a loss of 0.07 points or -0.46%.

Tuesday’s market movers

Equities gained on Tuesday with several domestic and international factors contributing to gains. The Federal Reserve began its two-day June policy meeting with expectations increasing for a rate cut in 2019. Headlines also reported that European Central Bank President Mario Draghi is planning stimulus to reduce government rates. The U.S. and China also announced plans to meet for trade discussions at the G20 Summit. Meanwhile, U.S. officials are also holding hearings on the effects of another round of tariffs for China.

Technology stocks led gains for the day after Facebook (NASDAQ:FB) announced plans for a new cryptocurrency, Libra, to be supported by a consortium of investors and a Facebook subsidiary called Calibra. The Nasdaq gained 1.39% and the S&P 500 technology sector gained 1.81%. Bitcoin remained over $9,000. Blockchain stocks also gained with the Reality Shares NASDAQ Blockchain Economy Index closing at 1,022.18 for a gain of 13.72 points or 1.36%.

Economic reports affecting market trading included the following:

  • The U.S. Census Bureau released its New Residential Construction report. Building permits increased 0.3% in May to a seasonally adjusted annual rate of 1.294 million. Housing starts decreased 0.9% in May to a seasonally adjusted annual rate of 1.269 million.
  • The Treasury held an auction for 52-week bills at a rate of 1.985%.

In the Dow Jones Industrial Average, the following stocks led gains:

Small-cap stocks

In small caps, the Russell 2000 closed at 1,549.93 for a gain of 17.18 points or 1.12%. The S&P 600 closed at 936.03 for a gain of 12.02 points or 1.30%. The Dow Jones Small-Cap Growth Total Stock Market Index closed at 9,917.51 for a gain of 114.35 points or 1.17%. The Dow Jones Small-Cap Value Total Stock Market Index closed at 9,468.95 for a gain of 108.64 points or 1.16%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,921.35 for a gain of 21.79 points or 1.15%; the S&P 100 at 1,289.69 for a gain of 12.34 points or 0.97%; the Russell 3000 at 1,716.47 for a gain of 16.92 points or 1.00%; the Russell 1000 at 1,615.70 for a gain of 15.76 points or 0.98%; the Wilshire 5000 at 29,936.06 for a gain of 296.91 points or 1.00%; and the Dow Jones U.S. Select Dividend Index at 701.16 for a gain of 4.72 points or 0.68%.

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About the author:

Julie Young
Julie Young is a financial writer with comprehensive experience in the financial services industry. She writes about investments, investment products, financial market news and economic trends. Julie has a Master of Science in finance from Boston College and a Bachelor of Science in finance from the University of Arkansas.

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