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(I-SoftwareNews.Com, July 07, 2013 ) San Francisco, CA -- On the first day of the third quarter, stocks climbed supported by signs of strength from the construction and manufacturing sectors. Despite these gains, late in the day the major stock indexes came down from their session highs as investors sold off shares in order to book profits.
After jumping almost 1.27 percent earlier in the day, the Standard & Poor’s index closed up 0.54 percent. These gains are in line with the first half of S & P’s fiscal year, which saw a 12.6 percent increase. This is the strongest first six months of the year the index has seen since 1998.
Richard Meckler, president of Jersey City-based LibertyView Capital Management, stated that there have been some pretty good moves over the past few days, including some intraday profit-taking.
There were signs of stabilization on Wall Street at the end of June after a frenzied sell-off over concerns that the bond-buying policy of the Federal Reserve would end sooner than anticipated. June was the first negative month for the S&P since October.
The utilities and telecommunication sectors lost percentage points during the day, with the utilities sector index having lost 1.3 percent and the telecommunication sector index slipped 0.1 percent.
There was an early rally on Monday because of data released by the Institute for Supply Management showing that in June American manufacturing activity increased, which was a rebound from May’s numbers that saw a slight contraction.
The S&P 500 increased 8.68 points, roughly 0.54 percent, coming in at 1,1614.96. The Dow Jones industrial average gained 65.36 points, or 0.44 percent, to end at 14,974.96. The Nasdaq composite index rose 31.24 points, roughly 0.92 percent, to close at 3,434.49.
For now, fears about an early withdrawal from stimulus efforts by the Fed have calmed; however, transitioning to a no-stimulus environment is expected to cause further volatility according to analysts.
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Source: EmailWire.Com 
Source: EmailWire.com
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