MARKET SNAPSHOT: Dow Resumes Push Toward 20,000 After Holiday Break
28 12월 2016 - 12:05AM
Dow Jones News
By Barbara Kollmeyer, MarketWatch , Ryan Vlastelica
Retail stocks in focus
U.S. stocks edged up on Tuesday, as the market's recent upward
bias continued, although moves were slight 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 but two 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 0.2%, or 33 points, to
19,967, while the S&P 500 advanced 6 points, or 0.3%, to 2,270
and the Nasdaq Composite Index added 20 points to 5,483, a gain of
0.4%.
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.
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) are expected to be in focus amid
postholiday Christmas shopping, and as indications crop up showing
just how well they fared over the season. The SPDR S&P Retail
ETF(XRT) rose 0.8% on Tuesday, while the Amplify Online Retail
ETF(IBUY)--which only holds companies that get a majority of their
sales from online purchases--was flat.
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 moderate 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 09:50 ET (14:50 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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