The Dow cracks 25,000 for the first time since May
Stocks rose Wednesday, with the Dow Jones industrial average cracking 25,000 for the first time since late May. The euro hit a two-week high against the dollar. US Treasury yields rose, holding just below 3%.
Here’s the scoreboard:
Dow Jones industrial average: 25,136.20 +336.22 (+1.36%)
S&P 500: 2,767.43 +18.63 (+0.68%)
- The US trade deficit hit a seven-month low in April. Record-high exports and a slight fall in imports shrunk the gap by 2.1%, the Commerce Department said, to $46.2 billion.
- Productivity in the US grew at a slower pace in the first quarter than initially thought. Nonfarm worker productivity rose 0.4%, the Labor Department said, compared with previous estimates of 0.7%. Labor costs were up during the same period, a sign of potential inflationary pressure.
- The European Central Bank is considering reining in its stimulus program. The euro and Treasury yields rose after officials said quantitative easing could wind down by the end of the year.
- US crude inventories increased more than expected last week. The Energy Information Administration reported an increase of 2.1 million barrels in the week ending June 1, compared with analyst forecasts for a 2 million barrel drawdown.
- Amazon is reportedly thinking of offering home insurance. Though unconfirmed, shares of major US insurance companies fell following the report.
- Tesla CEO Elon Musk said at an annual shareholder meeting that the company will likely meet its Model 3 production goal this month. Shares rose more than 10% on the comment, but Wall Street is remaining cautiously optimistic.
And a look at the upcoming economic calendar:
- President Donald Trump travels to Quebec to meet with G-7 leaders.
- The UK reports housing price data.
- The Bank of Canada’s Financial System Review is out.
- Twitter makes its debut on the S&P 500.
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