June 2017 Market Recap

 

(For the month ended June 30, 2017.)

Stocks extended their run into record territory during June as all three major benchmarks set new closing records — the NASDAQ Composite on June 8 (6,321), the Dow Jones Industrials on June 19 (21,528) and the S&P 500, also on June 19 (2,453). But by the end of the month, all three had retraced some of their gains. The NASDAQ Composite, perhaps befitting its historical record as the most volatile of the three, actually slid into negative territory for the month. Meanwhile, online retailer Amazon is paying $13.7 billion to buy grocer Whole Foods. The deal is expected to give Amazon a large neighborhood retail distribution footprint.

Through 6/30/17* June YTD 1-Year 3-Year Annualized 5-Year Annualized Closing Value
S&P 500 0.5% 8.2% 15.5% 7.3% 12.2% 2,423.41
Dow Jones Industrial Average 1.6% 8.0% 19.1% 8.3% 10.6% 21,349.63
NASDAQ Composite -0.9% 14.1% 26.8% 11.7% 15.9% 6,140.42

Source: DST Systems, Inc. The S&P 500, Dow Jones Industrials, and NASDAQ Composite are unmanaged indexes. It is not possible to invest directly in an index. Index performance does not reflect the effects of investing costs and taxes. Actual results would vary from benchmarks and would likely have been lower. Past performance is no guarantee of future results. Not responsible for any errors or omissions.

*Price only. Does not include dividends.

Economy Watch Final numbers are in on the economy’s performance in the first quarter. Commerce department data show that GDP grew a 1.4% annual rate from January to March after inflation was taken into account. That compares to 2.1% in the previous quarter. Corporate profits decreased $48.4 billion.

Consumer Indicators Consumer prices rose 1.9% over the year-long period that ended in May and the unemployment rate stood at 4.3%, according to the Bureau of Labor Statistics.

Bond Market Update Bond yields hovered near their historical lows at month’s end. The benchmark 10-year Treasury constant maturity yield was 2.27% at the close on June 29, just 0.06% higher than a month earlier. Short-term rates were jolted upward when the Federal Open Market Committee raised its short-term interest rate target range to 1.00% to 1.25%.