US Stocks Edge Higher Ahead of Christmas Holiday
The S&P 500 index is up 28.6 percent for 2013, or 30.9 when dividends are included, its best year since 1997. With four trading days left in the year, many traders expect stocks to continue higher until New Year’s Eve. “Nothing has derailed this market this year, even with all the bad headlines of 2013,” said Jonathan Corpina, a New York Stock Exchange floor trader with Meridian Equity Partners. “We still have end-of-the-year cash coming in.” Few investors expect stocks to continue to rise at this pace through 2014. On average, market strategists with the major investment banks expect the S&P 500 to rise to 1,900 by the end of 2014, barely above where the index is trading at now.
US stocks edge higher in midday trading
The rally was fueled by strong economic data and the U.S. Federal Reserve’s decision to begin trimming its stimulus program next month, which removed a major source of uncertainty for the market. The Fed also said its key interest rate would stay at rock bottom longer than previously promised. “Clearly what the Fed did was right down the sweet spot, and it was quite frankly what the market wanted to hear.
US STOCKS-Dow, S&P hit record highs; Apple’s China deal lifts techs
The Nasdaq composite was up six points, or 0.2 percent, at 4,155. Trading was extremely light ahead of the holiday. Homebuilder stocks rose after the government revised up new-home sales figures for the previous three months, a sign that housing may be regaining strength. Beazer Homes jumped 3 percent.
Stocks, Treasury yield climb on Christmas Eve
NEW YORK (CNNMoney) There’s no holding back the Santa Claus rally. The Dow and S&P 500 climbed 0.5% to new records Monday, while the Nasdaq jumped more than 1% to a fresh 13-year high. Investors were feeling increasingly confident after the head of the International Monetary Fund, Christine Lagarde , said her organization was much more upbeat about the U.S. economic recovery. “We see a lot more certainty for 2014,” Lagarde said in an interview Sunday on NBC.
Santa Claus rally fuels new records for stocks
The figures add to evidence that the housing market is struggling to sustain the pace of its recovery. The yield on the 10-year Treasury sprang 1.8%, climbing to 2.98%. It’s been almost two and a half years since the yield surpassed 3%. On Monday, the Dow Jones industrial average rose 73.47 points, or 0.5%, to a main page record close of 16,294.61.
Stocks: Record-high indexes cruise higher
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US STOCKS-Dow, S&P end at record highs in brief pre-holiday trade
The Dow also hit an all-time intraday high at 16,360.60, while the S&P 500 reached a record intraday high at 1,833.32. The S&P 500 has soared 28.5 percent this year, largely due to stimulus measures from the U.S. Federal Reserve. The index is on track for its best year since 1997.
The information is based on all major carriers including ones merged into other carriers. The Standard & Poors 500 index rose five points, or 0.3 percent, to 1,832. The Nasdaq composite was up four points, or 0.1 percent, at 4,153. U.S. markets will close early on Tuesday and will remain closed on Wednesday in observance of Christmas.