Close Update: Major Market Indexes End Higher With Best Quarter in Two Decades; Consumer Confidence, Home Prices Rise

Tuesday, June 30, 2020 4:54 PM | MT Newswires

US stocks closed higher on Tuesday, with major market indexes ending with their best quarter since 1998, on news of rising consumer confidence and a jump in a 20-city home price index amid the growing number of new COVID-19 infections across the country.

The Dow Jones Industrial Average climbed by 0.9% to 25,812.88, with the S&P 500 up by 1.5% to 3,100.29 and the Nasdaq Composite higher by 1.9% to 10,058.77. Energy, technology and health were the biggest gainers, with all sectors in the green.

The S&P CoreLogic Case-Shiller 20-city home price index jumped by 4% year-over-year in April, the biggest advance since December 2018, with Phoenix, Seattle, and Minneapolis posting strong gains, according to S&P Global. As per data compiled by Trading Economics, the increase was in line with the market's expectations.

Investors also appeared to latch onto the Conference Board report showing a jump in its consumer confidence index in June. The index rose to 98.1 from 85.9 in May and surpassed the Econoday consensus call of 90.

In the US, New Jersey postponed the resumption of indoor dining, joining other states that are pushing back reopening plans. Anne Schuchat, the principal deputy director of the Centers for Disease Control and Prevention, reportedly said on Monday the US had "too much virus across the country for that [keeping things under control] right now, so it's very discouraging."

In corporate news, Boeing (BA) fell 5.8% following reports that Norwegian Air Shuttle has canceled orders for 92 of 737 Max jets and five 787 Dreamliners.

Analysts from Mizuho, Piper Sandler, JPMorgan Chase (JPM), Goldman Sachs (GS), and Needham lifted their price targets for Micron Technology (MU) after the company reported late on Monday fiscal third-quarter results that beat the market's outlook. Shares were up 4.8%. Workhorse Group (WKHS) soared by 19.9% after the company said on Tuesday it has secured a $70 million investment through a private placement of 4.5% senior secured convertible notes due 2023 with an unnamed institutional investor. The notes may be converted into common stocks at $19 per share.

In the precious metals markets, gold was 1% higher at $1,798.90 an ounce, while silver was up 2.8% to $18.58 an ounce.

Among energy ETFs, the United States Oil Fund was down 0.7% to $28.06 and the United States Natural Gas Fund was up 3.2% to $10.26. Among precious-metal funds, the Market Vectors Gold Miners ETF was up 3.2% to $36.68 and SPDR Gold Shares were up 0.4% to $167.37. The iShares Silver Trust was up 2.2% to $17.01.

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