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S&P 500′s Best First Half in 2 Decades

Author:
Eray Bekir
Market News

Stocks closed higher on Friday, boosted by bank shares, as investors looked ahead to a key meeting between President Donald Trump and Chinese President Xi Jinping. Wall Street also wrapped up its best first half to a year in two decades.

The Dow Jones Industrial Average rose 73.38 points to 26,599.96 as J.P. Morgan Chase shares outperformed. The 30-stock index rallied more than 7% this month, notching its biggest June gain since 1938.

The S&P 500 advanced 0.6% to 2,941.74, led by the financials sector. For the month, the S&P 500 jumped 6.9%, its best June performance since 1955. The broad index is also up more than 17% this year, marking its biggest first-half gain since 1997.

The Nasdaq Composite gained 0.5% to end the day at 8,006.24. The tech-heavy index also rallied 7.4% this month.

Oil prices fell just before the settlement on Friday after the remaining parties to the Iran nuclear deal vowed to help normalize trade with the Middle Eastern nation.

U.S. West Texas Intermediate (WTI) crude futures settled down 96 cents, or 1.6%, at $58.47 a barrel after trading in a narrow range for most of the session.

European parties to the Iran nuclear deal have been trying to rescue the accord and are trying to keep Iran from violating the deal.

Crude futures were little changed for most of Friday ahead of talks over the trade dispute between the U.S. and Chinese presidents this weekend and on production cuts from OPEC on Monday.

 

 

International Financial Markets Department

Euro-Finance Ltd.

forex@eurofinance.bg

www.eurofinance.bg 

*This material should not be considered as a recommendation for buying/selling securities.