By Staff Reporters
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Despite high prices, new car sales have been remarkably strong so far this year and are up 12% compared to the first half of 2022, according to Cox Automotive.
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Here is where the major benchmarks ended:
- The S&P 500® Index (SPX) was down 12.64 points (0.3%) at 4398.95, down 1.2% for the week and just the second weekly decline in the past eight weeks; the Dow Jones Industrial Average (DJIA) was down 187.38 points (0.6%) at 33,734.88, down 2% for the week; the NASDAQ Composite (COMP) was down 18.33 points (0.1%) at 13,660.72, down 0.9% for the week.
- The 10-year Treasury note yield (TNX) was up about 2 basis points at 4.06%.
- CBOE’s Volatility Index (VIX) was down 0.61 at 14.83.
Energy shares were among the strongest performers, with the Philadelphia Oil Service Index (OSX) surging more than 6% to a four-month high. Benchmark WTI crude futures jumped more than 2% to close at a six-week high on hopes that OPEC+ production cuts will tighten supplies.
Regional banks and transportation stocks were also strong.
And, Samsung fell yesterday after revealing that its profits dropped 96% last quarter, giving the company its smallest quarterly profit since 2009 as it continues to sit on more memory chips than the market wants.
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