Wall Street stocks hit record closing highs again Friday and the S&P 500 registered its biggest weekly percentage gain since early September after data showed a rise in consumer spending and investors continued to be optimistic over progress in the US-China trade dispute.
President Trump declared progress on issues from trade to NKorea and Hong Kong after speaking with Chinese President Xi Jinping, dispelling fears of another escalation in the trade dispute.
This time of year tends to be a tailwind for the market. There is nothing obvious between now and the end of the year that would change the direction we are headed, into the New Year, expecting a Santa Claus Rally.
Consumer spending, a Key to US economic growth and a major focus for investors, rose 0.4% in November, adding to a string of upbeat data that have helped put behind recession fears, which dogged markets earlier this year.
Friday, the major US stock market indexes finished at: DJIA +78.13 at 28455.00, NAS Comp +37.74 at 8924.97, S&P 500 +15.86 at 3221.23
Volume: Trade on the NYSE came in at 2.8-B/shares exchanged hands
- NAS Comp +34.5% YTD
- S&P 500 +28.5% YTD
- Russell 2000 +24.0% YTD
- DJIA +22.0% YTD
HeffX-LTN’s overall technical analysis for the major US stock market indexes is Very Bullish for the week ended 20 December 2019
Looking ahead, investors will receive New Home Sales for November Monday.
Have a terrific weekend