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Another day, another market record
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The markets continued to set records today. How long can this rally continue? With CNBC's Brian Sullivan and the Fast Money Halftime Report traders, Jon Najarian, Jim Lebenthal and Kari Firestone of Aureus Asset Management.
Stocks notched fresh records on Friday as year-end optimism continued to drive the rally.
The Dow Jones Industrial Average rose 23.87 points to a record close of 28,645.26. The S&P 500 finished the day just 0.11 point higher at 3,240.02, also a new closing high. However, the Nasdaq Composite slipped 0.1%, or 15.77 points, to 9,006.62, snapping a 11-day winning streak. Three major averages all hit new intraday highs earlier in the session. Trading volumes were light throughout the end of the holiday-shortened week.
A year-end rally in December has already ushered the U.S. equity indexes to historic levels and within reach of the market’s best calendar year in more than two decades.
The S&P 500, up already more than 29% in 2019, is inches away from reaching historic proportions. The benchmark will post its best year since 1997 with an annual gain of more than 29.6%. The tech-heavy Nasdaq topped the 9,000 mark for the first time Thursday, lifted by a jump in Amazon shares on a record holiday shopping season.
“News flow remains relatively quiet, but stocks are extending their melt-up price action into the final days of 2019,” Adam Crisafulli, founder of Vital Knowledge, said in a note on Friday.
Investors have been embracing riskier assets ever since the U.S. and China announced they have reached a phase one trade agreement earlier this month. The two sides are in the middle of translating and formalizing the deal. President Donald Trump said Tuesday there will ultimately be a signing ceremony with Chinese leader Xi Jinping, adding a quicker signing will happen soon.
Data overnight showed a solid rebound for industrial profits in China, further boosting sentiment.
“During what has been a very, very quiet week so far this week, the stock market has continued to rally in a slow and steady manner,” Matthew Maley, chief market strategist at Miller Tabak, said in a note Friday. “Many important stock indexes breaking out...but they’re also getting overbought.”
Friday marks day three of the so-called Santa Claus rally period, which is historically beneficial for stocks. Since 1950, the S&P 500 has rallied an average of 1.3% during the final five trading days of the year and the first two sessions of the new year, according to the Stock Trader’s Almanac.
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Stocks notched fresh records on Friday as year-end optimism continued to drive the rally.
The Dow Jones Industrial Average rose 23.87 points to a record close of 28,645.26. The S&P 500 finished the day just 0.11 point higher at 3,240.02, also a new closing high. However, the Nasdaq Composite slipped 0.1%, or 15.77 points, to 9,006.62, snapping a 11-day winning streak. Three major averages all hit new intraday highs earlier in the session. Trading volumes were light throughout the end of the holiday-shortened week.
A year-end rally in December has already ushered the U.S. equity indexes to historic levels and within reach of the market’s best calendar year in more than two decades.
The S&P 500, up already more than 29% in 2019, is inches away from reaching historic proportions. The benchmark will post its best year since 1997 with an annual gain of more than 29.6%. The tech-heavy Nasdaq topped the 9,000 mark for the first time Thursday, lifted by a jump in Amazon shares on a record holiday shopping season.
“News flow remains relatively quiet, but stocks are extending their melt-up price action into the final days of 2019,” Adam Crisafulli, founder of Vital Knowledge, said in a note on Friday.
Investors have been embracing riskier assets ever since the U.S. and China announced they have reached a phase one trade agreement earlier this month. The two sides are in the middle of translating and formalizing the deal. President Donald Trump said Tuesday there will ultimately be a signing ceremony with Chinese leader Xi Jinping, adding a quicker signing will happen soon.
Data overnight showed a solid rebound for industrial profits in China, further boosting sentiment.
“During what has been a very, very quiet week so far this week, the stock market has continued to rally in a slow and steady manner,” Matthew Maley, chief market strategist at Miller Tabak, said in a note Friday. “Many important stock indexes breaking out...but they’re also getting overbought.”
Friday marks day three of the so-called Santa Claus rally period, which is historically beneficial for stocks. Since 1950, the S&P 500 has rallied an average of 1.3% during the final five trading days of the year and the first two sessions of the new year, according to the Stock Trader’s Almanac.
Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.
Connect with CNBC News Online
#CNBC
#CNBC TV
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