Stock Market Update Monday, December 16th, 2019
Today stocks opened higher and never looked back!
The optimism over last week’s Phase One trade deal was the real driver behind today’s rally. Negotiators say they intend to sign the deal the first week of January.
The major indices were up nicely at the open then continued to rally in the morning. And around lunch stocks were trading at session highs.
There was a small pullback in the afternoon. But this didn’t prevent the major indices from finishing the day with new record highs.
With today’s gains, the S&P and NASDAQ closed higher for the 4th day straight.
Here’s where the major indices ended the day:
- The S&P finished with a 0.7% gain. Up 23 points, the S&P ended at 3,191.
- The DOW ended higher by 0.4%. Adding 101 points, the DOW closed at 28,236.
- The NASDAQ was up 0.9%. With a 79 point gain, the NASDAQ finished at 8,814.
Crude Oil (CL) finished higher for the 3rd day in a row today. Up 0.2%, CL ended the day at $60.21.
Pfizer (PFE) and Cisco (CSCO) led the DOW today with gains of 2.1% and 1.5% respectively,
Apple (AAPL) made new records and finished with a 1.7% gain.
But Boeing (BA) was a loser after news that the company is considering suspending 737 MAX production because of uncertainty over the plane’s re-certification. The stock finished lower by 4.3%. After the bell Boeing is down another 3.0% after news that the company will halt 737 production in January (the first time in 20 years).
With today’s rally the VIX (aka “Fear Index”) dropped to lows not seen since Thanksgiving.
Are the “shipping wars” next?
Amazon (AMZN) has blocked its third-party sellers from using FedEx ground for shipping. In a notice to Amazon sellers, Amazon said the move was made to ensure that FedEx is able to mange cutoffs for delivery by Christmas. But there has been a bit of feud between FedEx and Amazon going back to June.
FedEx (FDX) finished the day with a 1.0% loss.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
This Stock Market Update was provided by Rockwell Trading Services LLC.