Closing Market Summary
The Dow Jones Industrial Average closed above 40,000 for the first time, gaining 0.3% today. The S&P 500 (+0.1%) also closed with a gain and the Nasdaq Composite (-0.1%) settled slightly lower than yesterday.
Today's price action was limited, leading the major indices to trade in relatively narrow trading ranges through the session. Advancing issues led declining issues at the NYSE and declining issues led advancing issues at the Nasdaq.
The performance of the S&P 500 sectors also reflected mixed action. Aside from energy, which closed 1.4% higher, none of the sectors moved more than 0.9% in either direction.
The consumer discretionary sector was another outperformer thanks to a big move higher in shares of Tesla (TSLA 177.46, +2.62, +1.5%) on news that it plans to cut approx. 600 positions in California, according to Forbes. Amazon.com (AMZN 184.70, +1.07, +0.6%) also closed higher.
Treasuries settled with losses today, which kept buying somewhat in check in the stock market. The 10-yr note yield settled four basis points higher at 4.42%. The 2-ry note yield rose three basis points today to 4.82%.
Still, Treasuries settled with solid gains on the week, which acted as support for buying activity in stocks through the week. The 10-yr note yield was eight basis points higher on the week and the 2-yr note yield was five basis points lower.
- S&P 500:+11.2% YTD
- Nasdaq Composite: +11.2% YTD
- S&P Midcap 400: +8.4% YTD
- Dow Jones Industrial Average: +6.1% YTD
- Russell 2000: +3.4% YTD
Reviewing today's economic data:
- April Leading Economic Index -0.6% (consensus -0.3%; prior -0.3%)
Looking ahead, there is no US economic data of note on Monday.