By Anora Mahmudova and William L. Watts, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks ended June and the second
quarter higher, even as the broader market closed marginally lower
on Monday.
The S&P 500 recorded the fifth consecutive month of gains
and the biggest second-quarter gain since 2009.
The benchmark index (SPX) closed less than a point lower at
1,960.19, gaining 3.9% over the month and 5% over the quarter.
The Dow Jones Industrial Average (DJI) shed 25.24 points, or
0.2%, to 16,825.96, but gained 1.9% over the past month and 2.2%
over the past quarter.
The Nasdaq Composite (RIXF) defied the trend and ended the day
10.25 points, or 0.2%, higher at 4,408.18. The tech-heavy index
gained 3.9% in June and 5% over the past quarter. Read the recap of
stock market live blog.
For the first half of 2014, the S&P 500 recorded a 6.1%
rise, the Dow industrials rose 1.5%, and the Nasdaq gained 5.5%.
Airline, pharmaceutical, and utilities stocks led advancers during
the period, which was marked by the impact of bad weather, a drop
in first-quarter gross domestic product and a decline in Treasury
yields.
Among individual stocks, shares of Yahoo Inc. (YHOO) gained 2.5%
after Piper Jaffray upgraded shares to overweight. Bank of New York
Mellon(BK) climbed 3.1% as activist investor Trian Fund Management
builds up a stake, according to The Wall Street Journal. A newcomer
GoPro Inc (GPRO) climbed 14% on its third day of trading.
Also read: MannKind leaps, American Apparel sinks
The S&P 500 and Dow briefly turned higher after a gauge of
pending home sales jumped 6.1% in May to hit its highest level in
eight months. On Tuesday, investors will be watching numbers from
the Institute for Supply Management's manufacturing report for
June.
This week will be shortened by the Fourth of July holiday on
Friday, which means closely watched U.S. jobs data for June will be
released on Thursday. Economists are looking for the addition of
215,000 nonfarm-payrolls jobs and no change in the unemployment
rate of 6.3%.
Also read: Market exuberance out of touch with economy.
In other markets, Asian shares ended mixed, with Japan's Nikkei
Average posting a 0.4% gain. European stocks were flat after a
reading of steady inflation in the euro zone.
The ICE dollar index (DXY), which pits the greenback against six
other currencies, fell to 79.779 from 80.331 late Friday.
Oil futures(CLQ4) continued to give back the fear premium on
growing confidence Iraq's oil exports will remain insulated from
the turmoil, but prices still logged sizable gains for the month
and quarter. Gold futures(GCQ4) settled with their biggest monthly
gain since February.
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