Weekly Financial Market Update - June 21, 2019
June 24, 2019
The S&P 500 index reached a new record close on Thursday of last week, surpassing its previous closing high of 2,945.83 on April 30. The latest equity market rally began early in the week in response to renewed hopes for a trade deal following President Trump’s announcement that he will meet with Chinese President Xi Jinping at the G-20 meeting next week.
The market received further support from the Federal Reserve’s indication that it is open to the possibility of an interest rate cut this year. The energy and technology sectors led the S&P 500 Index higher with weekly gains of 5.2% and 3.3%, respectively. A sharp rise in oil prices was a catalyst for energy stocks while the technology sector was supported by improved trade sentiment and better-than-expected earnings results from Adobe (ADBE) and Oracle (ORCL).
Learn more in our Weekly Financial Market Update.