“Defying expectations for a ‘June swoon,’ the Dow logged its best June gain since 1997, while the S&P 500 and Nasdaq posted their strongest since 1999 and 2000, respectively,” Park reports. “‘June is usually the second worst month for the market next to September, but this time was a bit of a fluke,’ said Art Cashin, director of floor operations at UBS Financial Services. Still, all three major indexes posted significant losses for the quarter. For the month, the Dow rallied 3.93 percent, the S&P jumped 3.96 percent, and the Nasdaq advanced 5.06 percent… Apple [AAPL $584.00, +$14.95, +2.63%] climbed after Pacific Crest raised its price target on the iPad maker to $690 from $630.”
Park reports, “EU leaders at a summit in Brussels agreed that euro area rescue funds could be used to stabilize bond markets without forcing countries that comply with EU budget rules to adopt extra austerity measures or economic reforms. ‘It’s going to be very interesting when [Merkel] tries to sell this to the German people because this is a very unpopular decision on her part to compromise, but this is a breakthrough that we’ve been waiting for and it bodes very well for the markets,’ said Michael Yoshikami, CEO and founder of Destination Wealth Management. ‘You buy based on probability and this is definitely a move forward towards Europe stabilizing.’”
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