Investing.com – Stocks finished a historic June with modest gains Friday as weakness in big tech stocks offset gains in big banks freed to boost dividend payouts by the Federal Reserve.
But the real drama is still to come: a meeting between President Donald Trump and China President Xi Jinping at the G20 summit in Osaka, Japan. The leaders were set to meet Saturday local time for an hour in hopes of setting up a process to resolve Sino-U.S. trade differences. The Trump administration has raised tariffs on goods imported from China. China has retaliated by boosting tariffs on U.S. goods, with farm products very hard hit.
The finished with a 0.6% gain and a 6.9% gain for June. The rose 0.3% and the Index added 0.5%. The S&P had its best June performance since 1955, according to S&P Dow Jones Indices. The Dow’s 7.2% gain for the month was its best since 1938. The Nasdaq was up 7.4% on the month.
But the finish had a familiar ring to it. The market opened with a big jump only to fall back as the day wore on. The Dow was up as many as 111 points in the session before falling back to a small decline. A last-minute surge of buying pushed the indexes to more respectable finishes.
Pressuring the Dow were components Apple (NASDAQ:), Cisco Systems (NASDAQ:) and Microsoft (NASDAQ:), which retreated during the day. So, too, did health insurance giant UnitedHealth Group (NYSE:), which fell in part because of an executive shakeup and worries about what might happen to the private health insurance business after most Democratic candidates spent much of the last two nights criticizing it. Sen. Bernie Sanders vowed to put them all out of business.
But big banks enjoyed a big day