WizzWatch Market Newsletter

The stock market closed on Friday with the Dow Jones Industrial Average barely moving the entire week. The index began the week trading at 27,970.95 and moved as high as 27,999.81 before ending the week trading at 27,930.33 down -0.69 or 0.00%. As for the Nasdaq Composite Index there was a slight uptick in price. The index opened trading on Monday at 11,083.24 and moved to an all time price high at 11,326.21 before ending the week trading lower. The index closed to end trading on Friday at 11,311.80 up +292.50 or +2.65%. The Standard and Poor 500 also ended the week on the positive side closing to end the week at an all time closing price high above its February 19 closing price of 3,380.16. The S&P 500 ended the week trading at 3,397.16 up +24.31 or +0.72% on upside volume of 9.55 billion.

As for the precious metals gold continued to move into negative territory for the second consecutive week in a row. The gold index has been moving 9 of the past 12 weeks due to a slump in the price of the dollar as well as the effects of the coronavirus pandemic. The index ended the week trading at 1,947.00 per ounce -2.80 or -0.14 %. The silver index started the trading week trading at $26.67 per ounce and moved as high as $28.60 but ended the week trading at $26.73 per ounce +0.64 or +2.46% on heavier than average volume of 89.7 million.

The price of oil moved slightly higher in the week that passed, but continues to move in a sideways consolidation. Although the price of crude oil has moved to the upside from its $6.50 price low in mid April, the index has continued to struggle to make a move higher. Saudi Arabia the world’s largest exporter saw oil exports plunge to record lows by 17.3% in June compared to May, standing at 4.93 million barrels per day. The data is from the Joint Organisations Data Initiative (JODI). As the week came to a close, the price of oil ended trading at $42.34 per barrel up +0.33 or 0.79%. 

By Marlin Rolle