MARKET SNAPSHOT: Dow Resumes Push Toward 20,000 After Holiday Break
27 Dezembro 2016 - 6:04PM
Dow Jones News
By Barbara Kollmeyer, MarketWatch , Ryan Vlastelica
All 11 of the S&P 500's primary sectors are higher on the
day
U.S. stocks rose on Tuesday as the market's recent upward bias
continued, although moves were modest following the Christmas
holiday as many market participants were still out of the office or
waiting for the new year to make big portfolio changes.
The day's gains were broad but slight, with all of the S&P
500's 11 primary sectors higher on the day. Retail stocks were in
focus as investors looked to the first reads on the strength of the
holiday shopping season emerge.
The final trading week of the year is typically a quiet one,
with light trading and few planned news events--such as central
bank announcements or corporate earnings--to dictate market
direction. However, the low volume means that stocks may be
vulnerable to outsize moves, especially with major indexes hovering
near record levels.
Some investors may be looking to take profits given the sharp
rally that occurred following the U.S. presidential election. The
Dow is up almost 9% since the election, bringing its year-to-date
gain to 14.6%. The blue-chip average has come within 0.1% of the
psychologically significant level of 20,000, but that milestone has
proved elusive. The Dow is coming off its seventh straight weekly
gain.
"We'll probably drift higher to finish the year, because that's
typical from a historic basis," said Wayne Kaufman, chief market
analyst at Phoenix Financial Services. "We're getting ready for
2017, waiting to see if there will be any kind of unwind in the
'Trump rally' because a lot of anticipation has been built into
stock prices and it may be too much."
Read: Dow's 20,000 dalliance is a reminder that it's the best
active fund ever fashioned
(http://www.marketwatch.com/story/the-dow-is-arguably-the-best-active-fund-ever-engineered-2016-12-22)
The S&P 500 is up about 6% since the election, and it is up
11% for the year, while the Nasdaq Composite has gained 9.5%,
driven by a postelection rise of more than 5%. Small-cap stocks
have been particular outperformers; the Russell 2000 is up 20.7% in
2016, with nearly 15% of that rise occurring since the
election.
The Dow Jones Industrial Average rose 0.1%, or 28 points, to
19,961, while the S&P 500 advanced 7 points, or 0.3%, to 2,271
and the Nasdaq Composite Index added 30 points to 5,493, a gain of
0.6%.
The Nasdaq was boosted by a rise in technology shares; the
sector rose 0.7% on the day, the best performer among S&P 500
industries.
Read: Growing signs that the Dow might not make it to 20,000 by
the end of 2016
(http://www.marketwatch.com/story/dow-20000-isnt-a-foregone-conclusion-in-2016so-dont-break-out-the-bubbly-2016-12-22)
In the latest economic data, the S&P Case-Shiller index
(http://www.marketwatch.com/story/rise-in-us-home-prices-shows-no-sign-of-abating-2016-12-27)
of home prices climbed 0.6% in October and was up 5.1% in the past
year, unchanged from the prior month. Consumer confidence in
December jumped to 113.7 from a revised 109.4 in November, hitting
its highest level since 2001
(http://www.marketwatch.com/story/consumer-confidence-hits-highest-level-since-2001-2016-12-27).
Opinion: What this week's stock market will tell you about 2017
(http://www.marketwatch.com/story/what-this-weeks-stock-market-will-tell-you-about-2017-2016-12-26)
(http://www.marketwatch.com/story/what-this-weeks-stock-market-will-tell-you-about-2017-2016-12-26)Among
stocks to watch for Tuesday, retailers Amazon.com Inc.(AMZN) and
Wal-Mart Stores Inc.(WMT) were in focus amid postholiday Christmas
shopping
(http://www.marketwatch.com/story/retail-etfs-rise-as-early-indications-point-to-strong-holiday-shopping-season-2016-12-27)
as the first. The SPDR S&P Retail ETF(XRT) rose 0.9% on
Tuesday, while the Amplify Online Retail ETF(IBUY)--which only
holds companies that get a majority of their sales from online
purchases--rose 0.7%.
Amazon shares rose 1.6% while Wal-Mart edged 0.2% higher.
Across other markets, Asian stocks had a largely lackluster
session
(http://www.marketwatch.com/story/asian-stocks-trade-mixed-toshiba-takes-a-hit-over-loss-report-2016-12-27),
while European equities traded mostly flat
(http://www.marketwatch.com/story/european-stocks-struggle-for-direction-in-first-day-of-post-christmas-trade-2016-12-27).
London markets remain closed for an extended Christmas break.
Opinion:New Year's Resolutions: What money pros vow to do better
in 2017
(http://www.marketwatch.com/story/new-years-resolutions-what-money-pros-vow-to-do-better-in-2017-2016-12-26)
Crude prices posted gains
(http://www.marketwatch.com/story/oil-prices-steady-as-investors-wait-for-production-cuts-to-roll-out-2016-12-27),
while gold and silver prices moved higher. The dollar inched up
against major rivals
(http://www.marketwatch.com/story/dollar-inches-up-as-market-keeps-a-close-eye-on-trumps-economic-plans-2016-12-27).
(END) Dow Jones Newswires
December 27, 2016 14:49 ET (19:49 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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