Well, my thinking on another move up today proved correct, but it wasn’t looking that way for a while. There is a real battle between the bulls and the bears at these uncharted all time highs in the market. The bulls seem content to continue despite the selling pressure that came this week.
We may be approaching a intermediate-term top though, it has risen so much so quickly that a correction , even a small one is due, possibly early in July. Although, let’s hope that when the inevitable comes that it is a small one!
U.S. stocks turned higher on Friday, cutting weekly losses for the Dow industrials, after DuPont trimmed its earnings forecast, leading a retreat in the materials sector.
Investors were little moved by a report that had consumer sentiment climbing in June, with the Thomson Reuters/University of Michigan’s index on consumer sentiment rising to 82.5, up from 81.9 in May.
The confidence report comes a day after weaker-than-expected consumer spending prompted economists to cut their growth forecasts for the second quarter.
After a 71-point fall, the Dow Jones Industrial Average was ended up 0.1 percent, with DuPont pacing blue-chip losses and Nike its gains. The Dow was off 0.5 percent from a week ago, and up 0.8 percent for June.
Down 0.1 percent on the week and up 1.9 percent this month, the S&P 500 rose 0.2 percent, with materials falling the most and technology the best performing of its 10 major industry sectors.
The Nasdaq turned higher, up 0.4 percent, up 0.7 percent for the nearly ended week and 3.7 percent for June, with one session remaining in the month.
The CBOE Volatility Index, a gauge of investor uncertainty, fell 2.7 percent to 11.32.
International markets: Asian stocks finished the day mixed, with Chinese and Indian stocks closing slightly higher. European markets closed mixed today.
News Sources: CNBC and CNN Money