The markets kicked off the week by closing in the red zone on Monday. Corporate earnings likely drove some of the bigger moves of the day. The next day, the indices landed in green territory, as the Dow Jones Industrial Average maintained gains while the NASDAQ closed at a new record high.
Indices closed in the red zone on Monday, likely a result of President Trump’s comments that he would “shake up” trade, taxes and regulations.
For most of last week, the market was fairly lackluster. While the U.S. markets were closed Monday in honor of Martin Luther King Jr., the British pound dropped to a three-month low, which led to a decline in the FTSE 100 and Stoxx 600 in Europe.
Opening the week, declines in Energy sector shares weighed heavily on the S&P 500 index and the Dow Jones Industrial Average as oil prices experienced their biggest daily drop since November.
The markets regained their footing as the Dow Jones Industrial Average, S&P 500 and the NASDAQ posted week-over-week gains at the close of the first week of the new year.
After being closed for the Christmas holiday, the markets opened Tuesday with a quiet session, as trading volumes generally dwindle around the holiday period. Despite not making a move of at least 1% in either direction since Dec. 7, the Dow Jones Industrial Average extended a post-election rally that has lifted it 8.8% since Nov. 8 and brought its 2016 gain to 14%. /p>
You read about GDP all the time, but do you know what gross domestic product is and how it’s calculated? We explain in this week’s Financial Tip.
The major indices were mixed on Monday with the Dow Jones Industrial Average hitting a new record high while the S&P 500 index and NASDAQ shed some points. Energy stocks led advancers while Technology companies pressured the NASDAQ. The rally continued the following day as we again reached new record levels.
The week kicked off with a rally in Financial stocks, which led the S&P 500 index to its best day in two weeks. Also on Monday, the ISM Nonmanufacturing index showed services bounced back in November, rising above consensus and above its six-month average. The rally continued on Tuesday, as economic reports showed productivity growth remained unrevised for the third quarter, the U.S. Trade Deficit widened in October and Factory Orders increased as well. On Wednesday, the major indices logged their biggest one-day rally since the election, which led to new closing records for the Dow Jones Industrial Average and the S&P. The markets were a little shakier on Thursday, shifting between gains and losses for most of the trading session. Investors’ eyes were likely on the European Central Bank, as the bank extended its stimulus program at a reduced volume. Indices closed at session peak levels on Friday, with the Dow, S&P 500 and Nasdaq all hitting record highs. Consumer confidence was up in a preliminary December reading from the University of Michigan. The Consumer Sentiment Index ticked up to 98 from 93.8 in November, well beyond an expected reading of 94.1.
Indices kicked off the week closing in red territory on Monday as investors swept profits off the table in light of recent gains. Stocks stepped up on Tuesday amid a variety of economic news. The second estimate of third-quarter GDP showed the economy grew at a 3.2% pace, which exceeded the preliminary estimate of 2.9% growth. Additionally, consumer confidence ticked up in November. Conference Board data showed sentiment rose to 107.1 from 98.6 in October, exceeding expectations of 101.2. The markets ended trading with mixed results on Wednesday. The Dow Jones Industrial Average closed to the positive side while the S&P 500 Index and NASDAQ shed some points. Energy brands led advancers on news of an Organization of the Petroleum Exporting Countries (OPEC) deal to reduce output. OPEC agreed to cut production by 1.2 million barrels per day, or about 4.5% of current production. Crude oil ticked up on the news. In economic news, the Chicago PMI hit 57.6 in November, well beyond an October reading of 50.6. Also, the Fed’s Beige Book report showed moderate economic growth in most regions of the country. On Thursday, the Dow rose 51 points, marking its biggest monthly gain in November since March while the S&P and NASDAQ were relatively flat. The S&P 500 eked out a slight gain Friday, but posted its first weekly decline since the election. Friday’s jobs report showed unemployment falling to its lowest level in nine years in November; however, this did little to affect overall performance as the Dow fell 0.1% for the day, but held onto a 0.1% gain for the week. The S&P and the NASDAQ posted weekly declines for the first time since the week ended Nov. 4.
