Wall St. winds down best June in generations on G20 optimism

by   |  VIEW 199
Wall St. winds down best June in generations on G20 optimism

On Friday, the 28th of June 2019, three key indexes of Wall St. had added gains, while the Standard & Poor 500 alongside Dow Jones Industrial Average had posted their best Junes in more than six decades ahead of a high-stake Trump-Xi meeting tomorrow (June 29th) that might have offset nearly a year-long trade tensions between the world’s first- and second-largest economies.

Apart from that, according to Refinitiv data, during the first half of the year, Wall St. had witnessed a remarkable run, with S&P 500 posting it best June since 1955 and Dow Jones adding its largest percentage gain in June since 1938.

Besides, the S&P 500 had posted its best first-half gains since 1997, remarking an upsurge of 17.3 percent so far this year. Referring to Fed’s U-turn on its rancorous cycle of rate-hiking, a financial adviser at New England Investment and Retirement Group in North Andover, Massachusetts, John Ham said, “The market came to the realization that the world is not going to end.

Also, (Federal Reserve chair) Powell did a 180 since (the Fed’s) last (interest) rate hike, which has put wind in our sails in the first half of the year”. Quoting statistics, on Friday’s (June 28th) market wrap-up, Dow added 0.28 percent to 26,599.96, S&P 500 gained 0.58 percent to 2,941.76, while Nasdaq rose by 0.48 percent to 8,006.24.