Day Traders Diary

6/4/19

Stocks surged on Tuesday with the major averages all closing up over 2% for the second best trading day of the year. Trading volume was over 80% to the upside. The Dow Jones Industrial Average climbed 512 points, or 2.06%, the S&P 500 jumped 2.14% while the Nasdaq Composite jumped 2.65%. The Federal Reserve Chairman Jerome Powell added fuel to the fire midday after signaling the central bank was open to easing monetary policy to save the economy and as trade tensions eased amid comments by China and Mexico. Cyclical sectors led the rally with the S&P 500 information technology (+3.3%), materials (+2.8%), financials (+2.7%), consumer discretionary (+2.6%), and industrials (+2.4%). The defensive-oriented utilities (unch) and real estate (-0.6%) sectors were left out of the rally.