Stocks – Profit-Taking and Fatigue Keep Market in Check

© Reuters.

Investing.com – On the surface, the stock market went nowhere. The reality was a bit different. The open was strong, stocks shot seriously higher just as they had in the prior five days, and then the rally stalled.

The result was the ending flat, off 0.03%. The lost 0.05% (although just 12 of the 30 stocks in the average were lower), and the ticked down 0.01% — less than a point.

There wasn’t a lot of news to push markets around. President Donald Trump didn’t complain much about the Federal Reserve, although the closed down slightly at 2.14%. Trade tensions seemed mostly put away for the day. There’s a big G20 meeting coming at the end of June to look forward to.

Cisco Systems (NASDAQ:) and Costco Wholesale (NASDAQ:) hit 52-week highs. Microsoft (NASDAQ:) also hit a 52-week high of $134.24, but then fell back. Still, the was up 0.2% on the day.

Oil prices were flat. were up 1 cent to $53.27 a barrel. , the global benchmark, were flat at $62.29 a barrel.

Clearly profit-taking was at work — for good reason. The S&P 500 had risen 5.3% since June 3 through Monday. The Dow had jumped 5% between May 31 and Monday. The Nasdaq’s gain between June 3 and Monday was 6.7%.

And maybe it was just a day for a pause.

There was a little drama. Sprint (NYSE:) and T-Mobile US (NASDAQ:) were off 5.9% and 1.6%, respectively, after attorneys general from 10 states sued in federal court to block the companies’ proposed $26 billion merger. They say the deal would be anti-competitive and raise consumer prices, despite the opinion of FCC Chairman Ajit Pai that the combination will promote competition.

Boeing (NYSE:) shares fell 1.3%, contributing 31 points to the Dow’s downside

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