This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stocks on Track to Close Sixth Consecutive Quarter of Gains

NEW YORK (TheStreet) -- Stocks were gaining on Monday in the final day of trading for the second quarter and first half of 2014. Benchmark U.S. indices are on track to close the quarter higher, with the S&P 500 and Nasdaq looking at their sixth consecutive quarter of gains, a feat not seen in more than a decade. 

The S&P 500 is on track to close around 4.7% higher this quarter, the Dow Jones Industrial Average over 2%, and the Nasdaq up nearly 5%. 

By midmorning, the S&P had added 0.05% to 1,961.75, the Nasdaq climbed 0.17% to 4,405.31 and the Dow was slightly lower, down 0.05% to 16,843.49.

Markets closed last week lower, though benchmark U.S. indices gained over the session on Friday. Stocks spent much of the day mixed with few market-moving catalysts giving investors reason to jump in.

That will be less of a problem on Monday. Pending home sales in May increased 6.1% to 103.9, an eight-month high which buoyed hopes that a housing recovery will continue. Economists expected a 1.5% rise. 

Chicago PMI, released earlier Monday, showed strong growth at 62.6, above the 50-level which is indicative of expansion. 

European and Asian stocks were largely mixed Monday. Eurozone inflation was stable at 0.5%, its ninth straight month below the European Central Bank's 1% barometer for deflation and far from its target 2%.

It's a big day in Argentina as the country faces a deadline to pay bondholders; failing to do so it could enter into technical default. However, the deadline could be extended to July 30.

In individual stock news, MannKind (MNKD) popped 9.9% to $10.99 after receiving Food and Drug Administration approval for Afrezza on Friday.

Kenneth Feinberg, specialist in high-profile payouts, detailed a victim compensation plan for General Motors (GM - Get Report). A widely publicized faulty ignition switch has caused 13 fatalities and many more injuries so far. Shares were up 0.22% to $36.70.

American Apparel (APP) shares were correcting after shooting 29.8% higher heading into the close Friday. The retailer adopted a one-year stockholder rights plan to ward off attempts by ousted CEO Dov Charney to retake control. Charney, holder of a 27% stake, disclosed intentions to purchase an additional 10%. Shares were down 18.2% to 79 cents.

June 30 Premarket Briefing: 10 Things You Should Know

Stocks End Week Lower on Rate Hike Chatter, Sparse Macro News

European Stocks Are Mixed, Steady Inflation in Eurozone

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
GM $28.88 -0.79%
MNKD $3.88 5.28%
AAPL $109.27 -1.00%
FB $88.26 0.12%
GOOG $600.70 -0.92%

Markets

Chart of I:DJI
DOW 16,102.38 -272.38 -1.66%
S&P 500 1,921.22 -29.91 -1.53%
NASDAQ 4,683.9190 -49.5780 -1.05%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs