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Weekly Financial Market Update - July 12, 2019

Christopher LaPorta

July 15, 2019

Investors spent a good part of this week digesting better-than-expected June payrolls report and Federal Reserve Chair Jerome Powell’s congressional testimony. On its way to a 0.8% weekly gain, the S&P 500 eclipsed 3,000 for parts of Wednesday and Thursday before closing at an all-time high of 3013.77 on Friday. Cyclical areas of the market including the energy, consumer discretionary, and technology sectors were among the best performing sectors on the week.

Meanwhile, led by healthcare giant UnitedHealth Group’s 7.7% weekly gain, the blue chip Dow Jones Industrials Average advanced over 1.0% to close above 27,000 for the first time ever on Thursday. Many healthcare stocks were given a boost by the Trump Administration’s announcement that it would not pursue a plan to eliminate rebates paid by insurers to pharmacy benefit managers and other healthcare supply chain participants. 

Learn more about last week's developments in the Weekly Finacial Market Update