Rocky Recovery To Best Quarterly Advance

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as stocks post a rocky recovery to best quarterly advance in years. Stocks in heat map are based on the top 10 holdings of each sector ETF. Click on each picture to zoom in. Below is a summary of today’s action on Wall Street provided by CNBC:

Here’s what happened to the stock market on Tuesday

The Dow had its biggest quarterly gain since 1987 and the S&P 500 notched its best quarter since 1998. Both averages went up more than 17% for the second quarter. The Nasdaq logged in its best quarterly performance since 1999.

The S&P 500 (SPY) added +1.54% today. All 11 sectors finished in positive territory as shown below in the sector graph. Gains ranged from +2.30% to less than 1%, check the sector graph for specifics.

The Dow Jones index climbed +227 points (+0.89%) to close at 25,823. The Nasdaq jumped +184 points (+1.87%) to settle at 10,058.

Rocky Recovery To Best Quarterly Advance

Stocks ended in the green Tuesday, finishing out one of the best quarters in years.

The 30-stock Dow ended the second quarter with a 17.8% gain. That’s the average’s biggest quarterly rally since the first quarter of 1987, when it popped 21.6%. The S&P 500 had its biggest one-quarter surge since the fourth quarter of 1998, soaring nearly 20%. Meanwhile, the Nasdaq Composite jumped 30.6% for the quarter, its best quarterly performance since gain 1999.

Tuesday was also the last day of the month, with the major averages posting their third consecutive monthly gain. The Dow was up 1.7% for June. The S&P 500 and Nasdaq were up 1.8% and 6%, respectively, month to date.

Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin testified before the House Financial Services Committee. The joint hearing addressed the Fed and Treasury’s response to the coronavirus pandemic.

In remarks he delivered Tuesday, Powell said uncertainty reigns over the outlook for the economy in the wake of the coronavirus pandemic.

“Output and employment remain far below their pre-pandemic levels. The path forward for the economy is extraordinarily uncertain and will depend in large part on our success in containing the virus,” Powell said. “A full recovery is unlikely until people are confident that it is safe to reengage in a broad range of activities.”

“The path forward will also depend on the policy actions taken at all levels of government to provide relief and to support the recovery for as long as needed,” Powell added.

Meanwhile, Mnuchin told Congress the economy is in a strong position to recover from the coronavirus.

Key Takeaways…

Notable S&P 500 Movers…

Below I’ve highlighted some notable S&P movers (both winners & losers).

Credit: Sector Graph provided by Sector SPDR app. Sector breakdown provided by Charles Schwab. Sector heat map provided by finviz. Information Credit: News Headlines and quotes were taken from CNBC in the writing of this post.

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6/30/20

S&P 500 Sector Graph

Rocky Recovery To Best Quarterly Advance

S&P 500 (SPY)

Rocky Recovery To Best Quarterly Advance

Communication Services (XLC)

Rocky Recovery To Best Quarterly Advance

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Rocky Recovery To Best Quarterly Advance

Consumer Staples (XLP)

Rocky Recovery To Best Quarterly Advance

Energy (XLE)

Rocky Recovery To Best Quarterly Advance

Financials (XLF)

Rocky Recovery To Best Quarterly Advance

Real Estate (XLRE)

Healthcare (XLV)

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Materials (XLB)

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Technology (XLK)

Rocky Recovery To Best Quarterly Advance

Utilities (XLU)

S&P 500 Sector Heat Map

 

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