The markets traded modestly higher during the midday with the Dow rising 17 points to 17,947 as manufacturing activity expanded more than expected in June. Nasdaq gained 14 points to 4,857.
Global financial markets collapsed after the unexpected Brexit vote last Thursday but stocks have steadied this week. The second quarter ended yesterday with the Dow up 1.4% while Nasdaq eased 0.6%. Year to date, the Dow is up 2.9% while Nasdaq has fallen 3.3%.
Leaders of several banks sought to reassure investors amidst the recent market turmoil. Bank of England governor Mark Carney suggested that additional stimulus measures may be enacted this summer. Jefferies chief executive Richard Handler noted that volatility and historically low interest rates would likely continue for the foreseeable future and advocated for compassionate capitalism to guide decision making processes.
The decision by the United Kingdom to leave the European Union may benefit China and India. With the UK losing access to the EU open market, British companies may seek trade opportunities with Asian countries. China's thriving middle class and India's emerging economy offer much potential.
In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 2 on the NYSE and by nearly 7 to 5 on Nasdaq. The broader S&P 500 added 3 points to 2,101. Bitcoin gained $9 to $668.
