The latest First Coverage Weekly Street Sentiment survey remains in bullish territory in mid-June, after moving down 0.3% to 59 for the week ending June 11.
This partly reflects the markets’ performance last week, when they weathered the negative economic news with a late rally on Friday. For the week ending June 11, the DJIA and S&P 500 each were up about 3%.
Helped by some good outlook news from National Semiconductor on Friday, technology stocks closed out the week on a high note, enabling a gain of 1% in the Nasdaq for the week.
Basic materials and oil & gas led the way with gains of 6% and 5%, respectively. Technology brought up the rear with a gain of nearly 1%.
Sell-side sentiment remains at 59.2, just under the highest levels of recent weeks, according to First Coverage.