June 1, 2020

June 1, 2020

Stocks opened down to begin the week but gained momentum and every major index finished in positive territory. In economic news, consumer spending was down 13.6% last month, which was more than expected.

 

Dow Jones +92 at 25,475

S&P 500 +11 at 3,056

NASDAQ +62 at 9,552

 

The 10 Year Treasury closed up 1 basis point yielding 0.66%

Oil prices closed flat ending at $35.50 a barrel

Gold prices closed down $1 ending at $1,751 an ounce

 

The days’ stock news:

  • Shares of Amazon increased 1% after Morgan Stanley raised its price target for the company to $2,800 a share, saying it expects faster forward growth for Amazon even if overall consumer spending weakens.
  • Caesar’s Entertainment said it is planning to reopen its Harrah’s Las Vegas casino this week after initial customer demand on the Vegas strip was much stronger than expected.
  • United Airlines said it will cut 13 of its officer positions as part of a restructuring plan. The airline also said it will add some international flights back to its network in July.

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