S&P 500 and DJIA close on record highs
DJIA +90.42 at 36488.63, NAS Comp -15.51 to 15766.20, S&P 500 +6.71 at 4793.06
Wednesday, the benchmark indices closed flat to little changed on Wednesday. The DJIA and S$P 500 set an intraday record highs and the Dow extended its winning streak to 6 sessions running.
Trading was light at the NYSE, ahead of the New Year festivities Friday. The stock market will be open all day, but the bond market will close early.
8 of the 11 S&P 500 sectors finished higher. The healthcare (+0.6%) and real estate (+0.6%) sectors tied for the lead, while the communication services (-0.3%), energy (-0.6%), and financials (-0.1%) sectors finished in the Red.
Retailers and companies reliant on consumer spending were among the better performers coming off the Christmas Holiday shopping season. Target, Nike, Kroger, Under Amour and AutoZone were all up 1.3% or more.
- S&P 500 +27.6% YTD
- NAS Comp +22.3% YTD
- DJIA +19.2% YTD
- Russell 2000 +13.9% YTD
WTI Crude Oil futures settled higher by 0.7%, or $0.56 at $76.57/bbl, Gold futures settled $5.10 lower (-0.3%) to $1,805.80/oz, and the US Dollar Index is down about -0.3% to $95.96.
Shares of DiDi traded down about 7.2% as the lunch hour ended Wednesday, at $5.00 in a 52-wk range of $4.93 to $18.01. The average daily trading volume is about 20-M/shares
Robinhood stock traded down about 1.8% to $17.15, in a 52-wk range of $16.68 to $85.00. The average daily trading volume is about 11-M/shares
Nio stock traded down about 4.6% to $28.28, in a 52-wk range of $27.52 to $66.99. The average daily trading volume is around 43.1-M/shares
Shares of Virgin Galactic traded down about 5.2%, at $13.10 in a 52-wk range of $13.00 to $62.80. The average daily trading volume is about 12-M/shares
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We have also seen a massive shift toward digital platforms across all industries as a result of the VirusCasedemic. Political leaders globally have followed suit by taking steps to move their economies in the same direction.
The US Economy
- The Advance International Trade in Goods report for November showed a deficit of $97.8-B, up $14.6-B from October. The Advance report for Retail Inventories for November increased 2.0%, while the Advance report for Wholesale Inventories for November increased 1.2%.
- Pending home sales fell 2.2% m/m in November following a 7.5% jump in October.
Looking Ahead: Investors will receive the weekly Initial and Continuing Claims report Thursday.
After less than a yr on the job Ms. Harris is flailing. Her chief spokesperson, Symone Sanders, who worked on Mr. Biden’s presidential campaign, is reportedly leaving at the end of the yr. So, too, is her communications director, Ashley Etienne. Rumors about the dysfunction of the Harris team have leaked, and there are reports that her office has tense relations with some factions of the Biden White House. According to one November poll, her approval rating is 28%, 10% lower than Mr. Biden’s.
Have a happy, prosperous Christmas week, Keep the Faith!