The S&P 500 rose 0.5% to a record 6,204 points at the close of trading on 30/6. The Nasdaq Composite increased similarly, hitting a new high at 20,369 points. The Dow Jones Industrial Average (DJIA) rose 0.6% to 44,094 points. This marks the second consecutive record-setting session for US stocks.
Wall Street surged after Canada withdrew its digital services tax to continue trade negotiations with the US. Late last week, US President Donald Trump announced a halt to negotiations with its neighbor over the tax.
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Traders on the New York Stock Exchange on 30/6. Photo: Reuters |
Traders on the New York Stock Exchange on 30/6. Photo: Reuters
Nine of the 11 sector groups in the S&P 500 saw share price increases on 30/6. Shares of major US banks rose after most passed the Federal Reserve's (Fed) annual stress test, paving the way for billions of dollars in share buybacks and dividend payments. Leading the gains in the S&P 500 were Hewlett Packard Enterprise with 11.1%, First Solar (8.8%) and Juniper Networks (8.45%).
Investors are also awaiting further US trade agreements with partners as the 90-day tariff postponement deadline nears. On 30/6, US Treasury Secretary Scott Bessent said "many countries are negotiating in good faith". However, he stressed that if agreements cannot be reached, tariffs will revert to the levels announced on 2/4.
Meanwhile, Republican senators in the US are trying to pass Trump's large-scale tax cut and spending bill, despite internal party divisions over its impact. Analysts estimate the package could add $3.3 trillion to the US national debt. Trump wants the bill passed before the July 4th holiday.
This week, the US market will see several key data releases, including the monthly jobs report and the Institute for Supply Management's (ISM) June manufacturing and services surveys. Several Fed officials, including Chairman Jerome Powell, are also expected to speak in the coming days.
For Q2 overall, the S&P 500 gained over 10%. The Nasdaq rose nearly 18% and the DJIA increased 5%.
Ha Thu (Reuters, CNBC)
