S&P 500 Set to Stretch the Longest Quarterly Gain in Sixteen Years

Nichole Harper
30 Jun, 2014
New York City

Stocks on Wall Street traded sideways on the last day of the quarter and the benchmark S&P 500 index is set to stretch the longest string of quarterly gains in sixteen years. Crude oil and copper declined. Pending sales of existing homes in the U.S. rose the most in four years.

[R]11:00 AM New York – Stocks on Wall Street traded sideways on the last day of the quarter and the benchmark S&P 500 index is set to stretch the longest string of quarterly gains in sixteen years. Crude oil and copper declined. Pending sales of existing homes in the U.S. rose the most in four years.[/R]

Market indexes on Wall Street fluctuated near record levels as investors await second quarter earnings announcements in two weeks.

Stocks are trading at multi-year peak and interest rates are at record low and not estimated to rise at least for two more years. However, investors are looking for additional catalysts for markets to advance.

The S&P 500 index set to extend the longest quarterly increase in sixteen years.

S&P 500 index increased 2.64 to 1,963.72 and the Nasdaq Composite Index added 11.19 to 4,409.11.

The pending home sales index increased 6.1% in May, the largest monthly increase since April 2010, National Association of Realtors announced today. The index was revised to an increase of 0.5% in April.

The index of business barometer declined to 62.6 in June from 65.5 in May, the Institute for Supply Management.

Auto sales, manufacturing indexes and weekly jobless claims and payroll data are scheduled to be released this week.

Asian Markets

Stocks in Tokyo advanced and extended the rebound in the month and in the quarter but dropped in the first six months of trading.

Industrial output increased 0.5% in May after falling 2.8% in April, trade minister said today.

The government also estimated industrial output to decline 0.7% in June followed by 1.5% increase in July.

The Nikkei 225 Stock Average gained 67.10 or 0.4% to 15,162.10 and the broader Topix index rose 9.41 to 1,262.56.

For the month, Nikkei 225 climbed 3.6% and for the quarter jumped 3.2% while for the first-half declined 6.9%.

The yen eased to close at 101.40 against one U.S. dollar.

For the month, the Sensex index in Mumbai jumped to 4.9% and for the quarter soared 13.8% and for the first-half surged 20.2%.

The Sensex Index climbed 313.86 or 1.3% to close at 25,413.78 The CNX Nifty increased 102.55 or 1.4% to 7,611.35.

The generic drug maker Cipla acquired 51% stake in generic pharmaceutical business in Yemen. Indian Overseas Bank plans to raise Rs 1,200 crore or $200 million.

The operator of movie theaters, Inox Leisure chain is in talks to buy Satyam Cineplexes for $36 million.

Indian government controlled and the largest listed company on the exchanges in Mumbai, ONGC plans to invest nearly $900 million in an offshore oil field near Mumbai.

U.S. Stocks in Review

American Apparel Inc ((APP)) dropped 19% to 77 cents after the company turned down the request from the ousted chief executive Dov Charney to schedule an investors meeting.

MannKind Corporation ((MNKD)) soared 9% to $10.87 and rebounded from the plunge of 15% in Friday’s trading after the U.S. regulators approved the inhaled insulin with a warning label for those suffering from serious lung disease or asthma.

Martin Marietta Materials, Inc ((MLM)) declined 0.7% to $131.33.

U.S. Steel declined 1.5% to $25.67 after the company was dropped by the manager of S&P 500 index and replace by Martin Marietta.