U.S. stocks fluctuate worries about Iraq instability

U.S. Stocks Fluctuate After Fed Sends S&P 500 to Record

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  • U.S. stocks fluctuate as President Obama announced he will send additional 300 U.S. military advisers to assist the Iraqi army battle and is prepared to take actions if necessary. This news discouraged investors to invest in the market due to the uncertainty of US entering another war.
  • The S&P 500 +0.13% added 2.49 points,  to 1,959.47. The Dow Jones Industrial Average+0.09% gained 14.84 points, to 16,921.46. The Nasdaq Composite  -0.08% ended the day down 3.51 points, or 0.1% at 4,359.33.
  • Defensive utility and consumer-staples stocks led the market, while technology and financial stocks lagged behind.
  • The Philadelphia Federal Reserve Bank said its business activity index jumped to 17.8 from 15.4 in May, above the forecast for a reading of 14. Thus showing there is growth in the factory sector.
  • Fewer Americans also filed for few unemployment benefits, initial claims for state unemployment benefits slipped 6,000 to a seasonally adjusted 312,000, slightly below the 314,000 forecast.
  • The Chicago Board Options Exchange Volatility Index, known as the VIX, added 0.2 percent to 10.63 today. VIX is widely used to measure market risk.
  • Crude-oil futures rose 0.6% to $106.17 a barrel,  Gold futures climbed 3.2% to $1,313.30 a troy ounce.

Categories: Equity Capital Markets

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