Saturday, December 10, 2016
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Market Digest Online FRIDAY, DECEMBER 9, 2016: U.S. equities closed higher on Thursday, notching fresh record highs, as a post-election rally continued following a key monetary policy announcement from the European Central Bank. The Dow Jones industrial average briefly rose more than 100 points before closing about 60 points higher, with Goldman Sachs contributing the most gains. The blue-chips index has now posted gains in 19 of the past 23 sessions and 13 record closes since the election.

"This really is the Trump trade," said Phil Blancato, CEO of Ladenburg Thalmann Asset Management. "This trade is about the potential for a more pro-business economy." "But I think interest rates have gone up too high too fast without an economic catalyst," he said. "I think people don't realize what this move in interest rates has done to some portfolios."

The S&P 500 closed 0.2 percent higher, with financials rising around 1 percent to lead advancers.

We've had such a strong run up since the election," said Jeff Zipper, managing director of investments at the Private Client Reserve of U.S. Bank. "This rally based on seasonality, definitely has more room to run." The Nasdaq composite advanced 0.4 percent. The three major indexes, along with the small-caps Russell 2000 and the S&P Mid Cap 400, all closed at record levels.

In oil markets, U.S. crude futures for January delivery rose 2.15 percent to settle at $50.84 per barrel. First Standard's Cardillo said prices were receiving a boost, in part because of solid economic data from China released overnight.

The Dow Jones industrial average rose 63 points, or 0.32 percent, to 19,612, with Walt Disney leading advancers and United Technologies the biggest decliner. The S&P 500 rose 3 points, or 0.15 percent, to trade at 2,244, with financials leading seven sectors higher and industrials lagging. The Nasdaq composite advanced 15 points, or 0.3 percent, to 5,408.

About nine stocks advanced for every five decliners at the New York Stock Exchange, with an exchange volume of 615 million and a composite volume of 3.157 billion in afternoon trade. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded about 2 percent higher, around 12.5. Gold futures for February delivery fell $5.10 to settle at $1,172.40 per ounce

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