Ultimate magazine theme for WordPress.

BTC
$9,270.28
+1.14%
ETH
$270.40
+0.06%
LTC
$132.48
-2.59%
DASH
$159.05
+0.73%
XMR
$98.42
+1.21%
NXT
$0.03
0%
ETC
$8.74
+0.16%
DOGE
$0.00
-0.87%
ZEC
$102.28
+6.95%
BTS
$0.06
0%
DGB
$0.01
-4.35%
XRP
$0.45
+3.41%
BTCD
$23.29
PPC
$0.43
0%
CRAIG
$0.00
XBS
$0.02
0%
XPY
$0.05
0%
PRC
$0.01
0%
YBC
$25.96
0%
DANK
$0.00

S&P 500 Posts 2.1% Weekly Gain in Strong Start to Q2, Led by Materials, Financials, Consumer Discretionary

115

The Standard & Poor’s 500 index rose 2.1% this week in a positive start to April and Q2 as investors were encouraged by a better-than-expected increase in March employment figures and indications the US and China could reach a trade agreement within weeks.

- Advertisement -

The market benchmark ended the week at 2,892.74, up from the previous week’s closing level of 2,834.40. The week’s gain was part of a winning streak for the S&P 500 that reached seven sessions Friday.

The March employment data released Friday by the Labor Department showed nonfarm payrolls rose by a seasonally adjusted 196,000 in March, better than economists’ estimate for an increase of 175,000. The unemployment rate, meanwhile, stayed at 3.8%.

Investors’ worries were also eased by a suggestion President Donald Trump gave Thursday that a trade agreement between the US and China could be announced within weeks.

The materials sector logged the largest percentage increase of the week, up 4.3%, followed by a 3.3% increase in financials and a 3.2% rise in consumer-discretionary stocks.

Just two sectors fell this week, both of which are typically considered areas of relative safety among US stocks: consumer staples and utilities, which slipped 1% and 0.2%, respectively.

The materials sector’s gainers included LyondellBasell Industries (LYB), whose shares rose 8.3% this week as BofA Merrill Lynch upgraded its investment rating on the stock to buy from underperform.

In the financial sector, shares of Ameriprise Financial Services (AMP) jumped 7.7% this week as the asset-management company said it agreed to sell its Ameriprise Auto & Home business for $1.05 billion to a subsidiary of American Family Insurance Mutual Holding. The company said it expects about $950 million in net proceeds from the deal.

Among consumer-discretionary stocks, Wynn Resorts (WYNN) shares soared 18% this week as Macau’s Gaming Inspection and Coordination Bureau reported March had its highest monthly revenue since December.

Just-released report names Cannabis Stock of the Year for 2019! Their last pick has seen a +1,200% return since he released it!

This stock has all of the makings of the next great cannabis stock – early-mover advantage, international exposure and influential partnerships, plus it has a product that is unlike anything else on the market…

You will also receive a free, weekly newsletter to stay on top of the latest industry trends, read analysis on promising cannabis stocks, and more. Click here to receive your Free Report immediately!

On the downside, the consumer-staples sector’s decliners included Walgreens Boots Alliance (WBA), whose shares tumbled 14% on the week as the company reported weaker-than-expected earnings and revenue for its fiscal Q2 and lowered its earnings guidance for the year.

Comments