US equities finished the day firmly in positive territory, though volumes dwindled throughout the session due to a lack of US macroeconomic data or news following the morning. The NDX outperformed throughout the day, shrugging off last night’s disappointing earnings release from Research in Motion. RIM announced that 5000 jobs will be lost, and the company’s board has come under increasing pressure to put itself up for sale. The stock made lows of 7.34, and at the day’s close, the stock was down 19%. From the highs made in September 2011 of USD 33.54, down 80%, and from its all time highs of USD 148.14, down 94.89%.
Banking stocks benefited from last night’s EU summit leaders’ announcement with regards to the Spanish banking system. Bank of America traded made highs of USD 8.10, up more than 5.5%; Goldman Sachs made highs of USD 96.18, up more than 2.0%; and Morgan Stanley made highs of USD 14.52, up 5.0%. JP Morgan, however, failed to maintain the gains seen in the pre-market, unable to dispel the CIO trade trauma of recent weeks, and was the only DJIA listed stock to close down.
Finally, the DJIA finished at 12880.02, up 2.20%; the SPX finished at 1362.17, up 2.29%; and the NDX finished at 2615.72, up 3.12%. For the week, the DJIA finished up 1.89%; the SPX finished up 2.03%; and the NASDAQ Composite finished up 1.47%. The DJIA had the biggest June point gain, rising 486 points.
Print 20:03, 29 Jun 2012 - Market Analysis - Source: Newswires
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