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Current Futures: Dow +136.00, S&P +14.70, NASDAQ +23.75
U.S. markets are heading higher, posting the strongest gains seen so far in June. Helped by today’s gains, the major U.S. indexes are trading in the green for three consecutive days now.
During the overnight session, the S&P futures traded volatile, but still the implied range was relatively small, of approximately 10 points. Around the U.S. open, the futures market gained some more momentum, something that helped the S&P futures market break above the 905.00 area, the resistance area of the overnight session, TheLFB-Forex.com Trade Team noteds.
Currently, almost every sector in the U.S. market is trading in the green after Bed Bath & Beyond Inc. revised up its earningearnings estimates to the upside and J.C. Penney saw its rating upgraded. At this point, the positive news coming from the retail sector is very important for investors, TheLFB-Forex.com Trade Team noted, since consumer spending drives 70% of the U.S. economy. Further positive news came from the commodity sector, where oil and metals’ advance helped the raw material companies post gains on Thursday. The consumer service sector is up 2.5%, while basic materials gained almost 2% today. Despite this, the financial sector had a weak day on Thursday, gaining less than 0.60%.
On Thursday, the Dow Jones Index gained 150.09 points (1.81%) to 8,312.40, while the S&P 500 index gained 16.36 points (1.82%) to 917.30
Crude oil for July delivery was recently trading at $70.16 per barrel, higher by $1.50.
Gold for July delivery was recently trading up by $4.40 to $938.80.
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