- The Nasdaq Composite index rose 21 points, or 0.2% to about 8,946.
- S&P 500 added about 3 points, or 0.1% at 3,224.
- DJIA climbed 97 points, or 0.3%, to about 28,552.
The US benchmarks added to the records and ended the last trading day ahead of Christmas Eve’s shortened day higher. The DJIA was the making the most noise on the day following the resignation from Dennis Muilenburg, CEO of Boeing Co. BA, (single-largest contributor to the Dow – gained 2.9%), which sent the company’s stock higher.
Subsequently, the DJIA climbed 97 points, or 0.3%, to about 28,552 while the S&P 500 added about 3 points, or 0.1% at 3,224. The Nasdaq Composite index rose 21 points, or 0.2% to about 8,946. All-time highs are no longer a novelty, which likely means a correction is coming. We have seen both the S&P and Dow close at record closing highs for a third-straight session while the outperformer, the Nasdaq closed at record times for the 8th time.
Phase one deal prospects keep risk appetite elevated
Indeed, the positive sentiment surrounding a US and China phase one trade-deal after news that China would cut import tariffs on frozen pork, pharmaceuticals and some high-tech components starting on Jan 1 helped to boost confidence among traders into the closing full session before Xmas. In fact, investors even ignored the disappointing Durable Goods Orders number that arrived below expectations and fell 2% in November, reflecting continued weakness in the manufacturing sector and business investment. Late in the day, there was also a report by the global times that argued China’s tariff reductions are not a result of the US trade war.
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China’s tariff reductions not result of US trade war – Global Times
DJIA levels
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