MARKET SNAPSHOT: U.S. Stocks Rally As Investors Bet On 'stay' Win In Brexit Vote
June 23 2016 - 10:07AM
Dow Jones News
By Ellie Ismailidou and Sara Sjolin, MarketWatch
Pound touches 2016 high as the Brits head to vote
U.S. stocks rallied on Thursday on growing expectations that the
U.K. will vote to remain in the European Union in the closely
watched Brexit referendum.
A fall in U.S. jobless claims
(http://www.marketwatch.com/story/jobless-claims-tumble-to-8-week-low-of-259000-as-labor-market-stays-strong-2016-06-23)to
an eight-week low, indicating strength in the labor market, also
boosted sentiment.
The S&P 500 index rose 16 points, or 0.8%, regaining the
psychologically important 2,100 level, with all 10 of its sectors
in positive territory. Financial and materials stocks were leading
the gains, up 1.5% and 1.1% respectively.
The Dow Jones Industrial Average jumped 154 points, or about
0.9%, to 17,933. Financial stocks were the best performers on the
blue-chip gauge, led by Goldman Sachs Group Inc. Inc.(GS) up
2.1%.
The Nasdaq Composite Index climbed 30 points, or 0.6%, to
4,864.
The strong gains mark a comeback after all three benchmarks
ended lower Wednesday
(http://www.marketwatch.com/story/us-stock-futures-in-holding-pattern-with-one-day-to-go-before-brexit-vote-2016-06-22)following
the release of a Brexit poll that gave the "leave" camp a narrow
lead.
But a pair of polls released after the U.S. market's closed, as
well as an Ipsos Mori phone poll released Thursday morning showed
support for "remain"
(http://www.marketwatch.com/story/ipsos-mori-brexit-poll-puts-remain-4-points-ahead-2016-06-23)
slightly ahead. A Populus online survey also put the "stay" camp
ahead at 55%.
Among stock movers, Macy's Inc. (M) gained 3.8% after announcing
that Jeffrey Gennette will succeed Terry Lundgren as chief
executive officer in the first quarter of 2017.
(END) Dow Jones Newswires
June 23, 2016 09:52 ET (13:52 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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