June 20th 2014 – Yet Another New Record For The S&P And The DOW

Market View:

A quite day in terms of economic data today and apparently trading volume is down 20% from this time last year, as more and more people defy this rally and wait for a correction.

A small correction is overdue, but who knows when it will come.  In the mean time I am happy to be fully invested in what has been a very profitable 2 months.

Market News:

U.S. stocks edged higher on Friday, with the Dow industrials and S&P 500 hitting records while extending gains into a sixth session, as both benchmarks tallied their fourth weekly gain in five.

Another strategist pointed to the ongoing rise in the semiconductor sector as an illustration that market participants anticipate increased economic growth ahead.

Rising above its June 10 record close and intraday record set June 9, the Dow Jones Industrial Average gained 25.62 points, or 0.2 percent, ending at 16,947.08, up 1 percent for the week.

Furthering its record advance, the S&P 500 rose 3.39 points, or 0.2 percent, to 1,962.87, up 1.4 percent for the week and 6.2 percent on the year. Energy performed the best and utilities the worst among its 10 major sectors. The session marked the S&P’s 22nd record close this year.

After a dip into negative turf, the Nasdaq gained 8.71 points, or 0.2 percent, to 4,368.04.

For every three stocks falling, roughly four rose on the New York Stock Exchange, where 878 million shares traded by 3:55 p.m. Eastern. Composite volume hit 3.1 billion.

After its biggest single-session jump in nine months, gold for August delivery on Friday turned higher, lately up $1.80, or 0.1 percent, to $1,315.90 an ounce. Crude-oil futures for July delivery rose 82 cents, or 0.8 percent, to $107.25 a barrel.

News Sources:  CNBC and CNN Money