Morning Briefing Global Stocks
$DIA, $DAX, $DJSH, $N300, $NSEI, $BSESN
Commentary: The major stock market indexes pre-New Year will remain quiet without much movement. PE
DJIA +28.09 at 24774.30, NAS Comp +3.09 at 6939.34, S&P 500 +2.12 at 2682.62
Volume: Trade on the NYSE was light at 548-M/shares exchanges.
- NAS Comp: +28.9% YTD
- DJIA: +25.3% YTD
- S&P 500: +19.8% YTD
- S&P Midcap 400 Index: +14.8% YTD
- Russell 2000: +13.8% YTD
There was little change in the US stock market Wednesday. The major indices were confined to tight trading ranges.
The lack of conviction was consistent with Tuesday’s trading, which was one of the lightest volume days of the year at the NYSE.
That is nothing unusual this time of year.
Veteran market watchers note that the Santa Claus rally frame, which includes the last 5 trading days of the year and the 1st 2 trading days of the New Year, has been slow to get going.
That period is typically a good period for the stock market.
According to the Stock Trader’s Almanac, it has produced an average gain of 1.5% for the S&P 500 since Y 1950. Through the 1st 3 days of this year’s Santa Claus rally frame, the S&P 500 has slipped 0.07%