NYSE-AP.jpg


Stocks rallied on the final day of 2019 heading into the new decade, capping off a blistering 10 years of gains.

The major averages swung between losses and gains at the open but quickly reversed course after President Trump announced that the phase one trade deal with China will be signed on January 15 at the White House.

Stocks remained in a tight range over the remainder of the session closing with modest gains.

Caviar goes mainstream with prices at record lows

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 28538.44 +76.30 +0.27%
SP500 S&P 500 3230.78 +9.49 +0.29%
I:COMP NASDAQ COMPOSITE INDEX 8972.603947 +26.61 +0.30%

Tuesday’s gains will barely be a blip on the radar for a stock market that has roared higher in the 2010s. The benchmark S&P 500 was up 189 percent for the decade while the Dow and Nasdaq were higher by 173 percent and 294 percent, respectively.

The S&P 500’s top performers over the past decade included the e-commerce giant Netflix (+4,081 percent), the institutional brokerage service provider MarketAxess (+2,598 percent) and the developer and manufacturer of cardiovascular products Abiomed (+1,839 percent).

Ticker Security Last Change Change %
NFLX NETFLIX INC. 323.57 +0.26 +0.08%
MKTX MARKETAXESS HLDGS INC 379.11 +4.61 +1.23%
ABMD ABIOMED 170.59 +3.30 +1.97%

The major averages’ gains for 2019 were equally impressive with the S&P 500 gaining 29 percent while the Dow and Nasdaq added 22 percent and 35 percent, respectively. It was the S&P 500’s best year since 2013.

In stock news, Boeing was lower after agreeing to an undisclosed settlement with Turkish Airlines for losses caused by the grounding of the 737 Max aircraft.

Ticker Security Last Change Change %
BA BOEING COMPANY 325.76 -0.64 -0.20%

Tencent Music gained after a consortium that it led agreed to purchase a 10 percent stake in Universal Music Group from the French media conglomerate Vivendi. The deal values Universal, which represents Taylor Swift and Kanye West, at $34 billion.

The Chinese electric-car maker Nio surged for a second day after the company’s unaudited third-quarter results outpaced Wall Street estimates. Shares gained 53.7 percent on Monday.

Ticker Security Last Change Change %
TME TENCENT MUSIC ENTERTAINMENT GROUP 11.74 +0.07 +0.60%
NIO NIO INC 4.02 +0.30 +8.06%

On the economic front, the S&P CoreLogic Case-Shiller Index rose 3.3 percent in October for the year, another sign the U.S. housing market is improving heading into 2020. Elsewhere, consumer confidence fell  0.3 points to 126.5 in December, according to a preliminary reading from the Conference Board. An uptick in the Present Situation Index was offset by a drop in the Expectations Index.

Looking at commodities, West Texas Intermediate crude oil was down 1 percent at $61.08 a barrel despite dozens of Iraqi Shiite militia supporters storming the U.S. embassy in Baghdad and gold was up 0.3 percent at $1,523 an ounce. For the year the yellow metal posted the best performance since 2010.

U.S. Treasurys fell, causing the yield on the 10-year note to climb 2.4 basis points to 1.92 percent. The Treasury market closed early, at 2 p.m. ET, in observance of the New Year.

In Europe, Britain’s FTSE slipped 0.6 percent and the CAC in Paris shed 0.1 percent. Germany’s markets were closed.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

In Asia, the Shanghai Composite gained 0.3 percent after the government released a monthly survey showing Chinese manufacturing held steady in December. Hong Kong’s Hang Seng lost 0.5 percent. Japan’s markets were closed.

CLICK HERE TO READ MORE ON FOX BUSINESS

Ken Martin and the Associated Press contributed to this article.



Source link

About the Author:

Leave a Reply