U.S. stocks posted new record highs on Thursday, largely powered by impressive year-end retail sales. The post-Christmas rally was also a result of the lingering optimism about the U.S.-China trade agreement.
The three major indexes— the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite — closed in the green on Thursday. Dow hit 28,621.39 after gaining 0.4%, the broader S&P 500 finished at 3,239.91 after adding 0.5% and the Nasdaq Composite closed at 9,022.39 after increasing 0.8%.
The fear-gauge CBOE Volatility Index (VIX) declined 0.2% to close at 12.65 on Dec 26. Finally, advancers outnumbered decliners on the NYSE by a 2.43-to-1 ratio.
Record Online Shopping This Holiday Season
U.S. shoppers spent more on online shopping this holiday season, according to a report by Mastercard on Dec 26. Holiday retail sales rose 3.4% (excluding auto sales) with online sales increasing 18.8% compared to 2018. These transactions included both cash and check.
Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated said that ecommerce sales hit a record high this year with more people shopping online. He said that due to a later than usual Thanksgiving holiday, retailers offered omnichannel sales earlier in the season, thus taking care of consumers’ demand for the best deals across all channels and devices.
U.S. and China in “Close Communication” Over Trade Deal
Investors particularly focused on the progress in completion of a phase-one U.S.-China trade agreement. President Donald Trump and Chinese officials’ comments on the trade deal were optimistic, which encouraged investors.
On Dec 26, Gao Feng, China’s commerce ministry spokesperson, said that both countries were in “close communication about detailed arrangements for the deal’s signing and other follow-up work.”
Feng’s comments followed comments by Trump on Christmas Eve, when he said that the “deal is done, it’s just being translated right now.” Trump also said that he and his Chinese counterpart would be holding a signing ceremony for the much-awaited trade deal in January.
Economic News
According to the Labor Department, initial claims for the week ended Dec 21 witnessed a decline of 13,000 from the previous week's revised level. For the said week, initial claims settled at 222,000.
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Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
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Image: Bigstock
Stock Market News for Dec 27, 2019
U.S. stocks posted new record highs on Thursday, largely powered by impressive year-end retail sales. The post-Christmas rally was also a result of the lingering optimism about the U.S.-China trade agreement.
The three major indexes— the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite — closed in the green on Thursday. Dow hit 28,621.39 after gaining 0.4%, the broader S&P 500 finished at 3,239.91 after adding 0.5% and the Nasdaq Composite closed at 9,022.39 after increasing 0.8%.
The fear-gauge CBOE Volatility Index (VIX) declined 0.2% to close at 12.65 on Dec 26. Finally, advancers outnumbered decliners on the NYSE by a 2.43-to-1 ratio.
Record Online Shopping This Holiday Season
U.S. shoppers spent more on online shopping this holiday season, according to a report by Mastercard on Dec 26. Holiday retail sales rose 3.4% (excluding auto sales) with online sales increasing 18.8% compared to 2018. These transactions included both cash and check.
Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated said that ecommerce sales hit a record high this year with more people shopping online. He said that due to a later than usual Thanksgiving holiday, retailers offered omnichannel sales earlier in the season, thus taking care of consumers’ demand for the best deals across all channels and devices.
U.S. and China in “Close Communication” Over Trade Deal
Investors particularly focused on the progress in completion of a phase-one U.S.-China trade agreement. President Donald Trump and Chinese officials’ comments on the trade deal were optimistic, which encouraged investors.
On Dec 26, Gao Feng, China’s commerce ministry spokesperson, said that both countries were in “close communication about detailed arrangements for the deal’s signing and other follow-up work.”
Feng’s comments followed comments by Trump on Christmas Eve, when he said that the “deal is done, it’s just being translated right now.” Trump also said that he and his Chinese counterpart would be holding a signing ceremony for the much-awaited trade deal in January.
Economic News
According to the Labor Department, initial claims for the week ended Dec 21 witnessed a decline of 13,000 from the previous week's revised level. For the said week, initial claims settled at 222,000.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>