Your Tuesday Blip 6/30/20

Your Tuesday Blip 6/30/20

The second quarter 2020 came to a close today and it was the best quarter in 20 years for markets which is good but follows the fastest bear market in history. At the close the Dow was up 217 at 25,812 on heavy trading volume. The NASDAQ was up 1.8% and went above the 10k mark again. End of quarter window dressing was in play and this is where institutional money managers add stocks that had shown strength during the quarter. Also helping to boost stocks were slowing infection rates in Texas and Florida.
Yesterday’s 737 Max test flight went off without a hitch but shares of Boeing were lower after Norwegian Air canceled orders for 97 Boeing aircraft which included 92 737 Max jets and 5 787 Dreamliner’s. Norwegian is also suing Boeing for the grounding of the 737 Max and for engine troubles related to the 787s. The amount of compensation it is seeking was not disclosed but the company said it had experienced significant losses due to disruption caused by the grounding.
Crude oil prices were off a bit with WTI crude trading at $39.36 per barrel. Oil futures hit negative figures at the end of March and over the course of this quarter have rebounded 92%. Gurus are saying that we are still a ways off from $60 per barrel but we are moving in the right direction and production cuts in the US and among OPEC + members is helping restore the supply demand balance.