S&P 500 Marks Another Record High as Santa Claus Continues the Rally

S&P 500 Marks Another Record High as Santa Claus Continues the Rally

$DIA, $SPY, $QQQ, $RUTX, $VXX

The S&P 500 finished little changed Friday and the NAS Comp ended an 11-day streak of gainers after some late-session weakness, the DJIA another record as investors play the Santa Claus rally.

The DJIA rose 23.53 points, or 0.08%, to 28,644.92, the S&P 500 gained 0.07 points, or 0.00%, to 3,239.98 and the NAS Comp fell 15.77 points, or 0.17%, to 9,006.62. 

The NYSE volume was lite at 617-M/shares exchanged.

Trading volume has been thin during the Holiday shortened week and could continue to be so through the New Year’s holiday next Wednesday.

The benchmark S&P 500 has risen more than 29% YTD, its biggest annual percentage gainer since Y 2013.

  • NAS Comp +35.7% YTD
  • S&P 500 +29.3% YTD
  • Russell 2000 +23.8% YTD
  • DJIA +22.8% YTD

Investor expectations that the United States and China will soon sign a P-1 trade deal has added momentum to the stock market heading into Y 2020.

Among S&P 500 sectors, consumer staples, real estate and consumer discretionary led the way.

Shares of Amazon.com Inc (NASDAQ:AMZN) rose 0.3%, building on strong gains a day earlier when a report showed US shoppers spent more online during the holiday shopping season than in 2018.

Financials and energy lagged among the sectors.

Aside from optimism over trade relations, the stock market has been lifted by interest rate cuts by the Fed and better than thought economic data and corporate profits.

Data Friday showed profits at China’s industrial firms grew at the fastest pace in 8 months in November, but broad weakness in the country’s domestic demand remains a risk for company earnings next year.

Advancing issues outnumbered declining ones on the NYSE by a 1.11-to-1 ratio, on NAS, a 1.30-to-1 ratio favored decliners.

The S&P 500 posted 57 new 52-week highs and no new lows, the NAs Comp recorded 83 new highs and 18 new lows.

HeffX-LTN’s overall technical analysis for the major US stock market indexes for the week ended 27 December 2019 is Very Bullish.

Monday, investors will receive the Pending Home Sales for November, the Chicago PMI for December, and the Advance reports for International Trade in Goods, Retail Inventories, and Wholesales Inventories.

Have a terrific Holiday weekend.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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