Welcome to DAB Jones 42.0 - A Leading Cannabis Stock Index
Mon Jul 1 2019
U.S. stocks rose to fresh highs on Monday after an improvement in trade relations between the U.S. and China which created a rally in shares of technology companies.
The S&P 500 added 22.57 points, or 0.8%, to 2964.33 and had its sixth record close of the year. The Dow industrials rose 117.47 points, or 0.4%, to 26717.43. The Nasdaq Composite added 84.92 points, or 1.1%, to 8091.16 and edged closer to its May record.
While most US markets rose the DAB Jones 42.0 fell 0.57 points to 108.70, or 0.5%. The DAB Jones 42.0 began on January 1, 2019, with an inception value of 100.00 points. The index is weighted by stock price, giving the greater importance to stocks with higher stock prices in the index. Most of the stocks in the rose with only 12 of the stocks of the 42 showing declines.
The biggest declines affecting the index were Constellation Brands (NYSE: STZ) and Philip Morris (NYSE: PM). Constellation Brand recently entered the cannabis space with its investment in Canopy Growth (NYSE: CGC). The fall on Monday was due to investors digesting the first quarter earning from Friday that the spirits volumes are expected to shift lower for the rest of the year.