| | | Stocks wrap up record 2019 on high note
31-Dec-19 16:10 ET
Dow +76.30 at 28538.35, Nasdaq +26.61 at 8972.63, S&P +9.49 at 3230.78
briefing.com
[BRIEFING.COM] The S&P 500 advanced 0.3% on this New Year's Eve, wrapping up a phenomenal 2019 with a 28.9% gain. The Dow Jones Industrial Average, Nasdaq Composite, and Russell 2000 also increased 0.3% apiece to extend their yearly gains to 22.3%, 35.2%, and 23.7%, respectively.
Tuesday's action was tight-ranged amid a lack of conviction for most of the session, but renewed buying interest in the last hour of trading helped stocks close at session highs. All 11 S&P 500 sectors finished in positive territory, with the materials (+0.8%), energy (+0.7%), and real estate (+0.6%) sectors advancing the most.
In trade news, President Trump said the Phase One deal will be signed at the White House on Jan. 15 and that he will later travel to Beijing for Phase Two talks. Market reaction was muted, as the signing news was already priced in, but interested investors can jot the date on their 2020 calendars.
Corporate news was relatively light, but it's worth noting that Apple (AAPL 293.65, +2.13, +0.7%) extended its yearly gain to an impressive 86.2%. NVIDIA (NVDA 235.30, +2.98, +1.3%) had its price target raised to $275 from $240 at The Benchmark Company. Meritor (MTOR 26.19, +2.87, +12.3%) will join the S&P SmallCap 600 on Jan. 6.
U.S. Treasuries finished the thinly-traded session on a lower note. The 2-yr yield increased one basis point to 1.57% (-93 bps for 2019), and the 10-yr yield increased two basis points to 1.92% (-77 bps for 2019). The U.S. Dollar Index declined 0.3% to 96.50. WTI crude declined 0.3%, or $0.16, to $61.48/bbl (+35.4% for 2019).
Reviewing Tuesday's economic data:
- The Conference Board's Consumer Confidence Index slipped to 126.5 in December (Briefing.com consensus 128.0) from an upwardly revised 126.8 (from 125.5) in November.
- The key takeaway from the report is that consumer's short-term income prospects dipped, suggesting the economic momentum in 2020 many are expecting to see might not materialize if that attitude persists.
- The FHFA Housing Price Index for October increased 0.2% (Briefing.com consensus 0.4%) following an unrevised 0.6% increase in September.
- The S&P Case-Shiller Housing Price Index for October increased 2.2% (Briefing.com consensus 2.1%) following an unrevised 2.1% increase in September.
The market will be closed on Wednesday for New Year's Day and will reopen on Thursday. Investors will receive the weekly Initial and Continuing Claims report on Thursday.
- Nasdaq Composite +35.2% YTD
- S&P 500 +28.9% YTD
- Russell 2000 +24.0% YTD
- Dow Jones Industrial Average +23.8% YTD
Market Snapshot
| Dow | 28538.35 | +76.30 | (0.27%) | | Nasdaq | 8972.63 | +26.61 | (0.30%) | | SP 500 | 3230.78 | +9.49 | (0.29%) | | 10-yr Note | -4/32 | 1.922 |
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| | NYSE | Adv 1851 | Dec 998 | Vol 803.0 mln | | Nasdaq | Adv 1974 | Dec 1223 | Vol 2.0 bln |
Industry Watch
| Strong: Materials, Energy, Real Estate |
| | Weak: Industrials, Consumer Staples |
Moving the Market
-- Stocks close 2019 on high note; S&P 500 gains 29% for the year
-- President Trump said Phase One trade deal will be signed on Jan. 15 at the White House
-- Broad-based advance as all 11 S&P 500 finish in positive territory
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WTI crude ends 2019 up 35%
31-Dec-19 15:25 ET
Dow -7.72 at 28454.33, Nasdaq +14.94 at 8960.96, S&P +1.13 at 3222.42
[BRIEFING.COM] The S&P 500 is back in positive territory with a 0.1% gain. The Russell 2000 is up 0.5%.
One last look at the S&P 500 sectors shows the materials (+0.5%) and energy (+0.4%) sectors outperforming the broader market. Conversely, the industrials (-0.2%) and consumer staples (-0.2%) sectors hold modest losses.
WTI crude declined $0.16 (-0.3%) to $61.48/bbl but still finished the year up 35%. |
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