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Afternoon Note

Rubbernecking the Testimony

By Charles Payne, CEO & Principal Analyst
6/30/2020 1:21 PM

It has been a quiet session. It could get slower, as market participants rubberneck the testimony of Federal Reserve Chairman Powell and Treasury Secretary speaking before the House Financial Committee. 

The Dow is anchored today by another swoon in Boeing (BA), which lost another plane order.  Still, all the eleven sectors of the S&P 500 are higher led by Real Estate and Technology, the latter paced by that strong earnings release from Micron (MU).

I suspect the street wants to hear things are better, but that there will be more stimulus to come.

S&P 500 Index


Communication Services XLC


Consumer Discretionary XLY


Consumer Staples XLP


Energy XLE


Financials XLF


Health Care XLV


Industrials XLI


Materials XLB


Real Estate XLRE


Technology XLK


Utilities XLU



Market breadth is also overwhelmingly positive:




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