On this Fourth of July weekend there will be plenty of fireworks displays across the country, however the markets did not want to wait until the Fourth to celebrate. Stocks put on their own fireworks display on the first trading day of the month. The major indices jumped more than 1% on Friday as they continued to rebound sharply from the May/June correction. The Dow (chart) rose more than 168 points, the Nasdaq (chart)gained 42 points, the S&P 500 (chart) advanced 19 points and the Russell 2000 (chart) finished up over 12 points.
A stronger than expected U.S. manufacturing report helped cap last week’s powerful market rally. Next week investors will be met with key economic data including factory orders, jobless claims and the all important June jobs report. The second week of July earnings reporting season kicks off in earnest which will really be the determining factor as to whether or not this market rally continues.
Have a safe and Happy 4th of July 🙂