Stock Market Update Sunday, December 22nd, 2019
Stocks finished higher for the 4th week straight after another impressive week of trading.
The S&P closed with gains 4 out of 5 trading days last week. And the NASDAQ is currently on an 8-day win streak.
With last week’s rally, the S&P, NASDAQ and DOW all ended the week with new record highs. And the S&P and NASDAQ had their best week since August.
Here’s what traders are focused on:
- Trade – Stocks have continued to rally since a Phase One trade deal was agreed upon and signed by President Trump. The deal is expected to be signed by both countries in the beginning of January. And on Friday, Chinese President Xi said that the deal is good for both countries, “and the world.”
- Impeachment? – Not so much. The media has been focused on the recent impeachment news. But to traders this is what you can call a “nothing burger.” Stocks hardly budged on the news.
Here’s where the major indices ended the week:
- The S&P finished with a 1.7% gain. Up 52 points, the S&P ended at 3,221.
- The DOW ended higher by 1.1%. Adding 320 points, the DOW closed at 28,455.
- The NASDAQ was up 2.2%. With a 190 point gain, the NASDAQ finished at 8,925.
Crude Oil (CL) finished with its highest weekly close since May. Up 2.0%, CL ended the week at $61.30.
Carnival (CCL) was one of the biggest movers in the S&P on Friday, up 7.6% on strong earnings numbers.
And have you seen Tesla (TSLA) lately?
There were mixed reviews over the late-November unveiling of the new Tesla Cybertruck. But after dropping initially, the stock has taken off.
Tesla has finished higher 9 out of 11 sessions. And last week, Tesla made record highs and finished the week with a 13.2% gain.
Boeing (BA) can’t seem to catch a break.
Last week, United Airlines (UAL) extended cancelations for the Boeing 737 Max. And on Friday, Boeing was in the news for all the wrong reasons after a failed NASA mission.
The Boeing Starliner missed its intended orbit during a launch and failed to reach the International Space Station. Boeing’s Starliner is meant to compete with Elon Musk’s SpaceX rockets. Boeing ended the week with a 4.0% loss.
Just a reminder that this week is a short holiday week for traders.
Markets close early on Tuesday and are closed Wednesday for Christmas.
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.