Stocks rise after strong first half of 2023
NEW YORK (UPI) — The U.S. stock markets closed early Monday in observance of the Fourth of July holiday with the Dow, S&P 500, and NASDAQ all rising.
Monday marked the start of the second half of 2023 and added to a strong first half for the markets. The Dow Jones Industrial Average rose 10.87 points, or 0.032%, to close at 34,418.47. The S&P 500 was up 5.21 points, or 0.12%, closing at 4,455.59, and the NASDAQ Composite jumped 28.85 points, or 0.21%, to 13,816.77.
The climb on Monday comes after the U.S. markets closed the first half of the year all up, according to CNBC. It was the biggest first-half gain since 1983 for the NASDAQ Composite, which closed up 31.7%.
The S&P 500’s 15.9% gain through June was its biggest climb since 2019.
Tesla rebound amidst price cuts, beat projections
Tesla has rebounded since experiencing some market turbulence in the spring. The electric-auto manufacturer cut prices on its Model Y and Model 3 cars in April as it announced a drop in its earnings by 20%.
In the second quarter, Tesla delivered 466,000 vehicles, beating its projections. It also produced 479,700 vehicles. On Monday, the stock rose 6.9% following the release of the second quarter results.
Tesla will release its financial results for the second quarter after the close of markets on Wednesday, July 19.
No FOMO on stocks and its rebounds
“Investors are saying, ‘You know what, maybe now is the time to alter my mindset from ‘Oh no’ to ‘FOMO,'” said Sam Stovall, chief investment strategist at CFRA Research, according to CNBC. “Instead of being overly worried, maybe investors might want to make sure that they don’t miss out on a potentially positive second half now that the first half has offered us a running start.”
Q2 ends with low unemployment, robust job gains, rebounding stocks
The second quarter ended with the Federal Reserve pressing pause on its benchmark interest rate hikes. The Fed cited low unemployment rates and “robust” job gains as factors in the decision.
The U.S. Bureau of Labor Statistics reported significant increases in employment percentage across the country, led by Texas, Florida, and Nevada. Texas gained 529,800 jobs and California gained 427,500.
Joe Fisher, United Press International
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