Stock Market Update Monday, December 23rd, 2019
Stocks kicked off the short trading week with more gains and new records.
After opening the day higher, stocks pulled back in the first 15 minutes of the day.
But after the early drop stocks worked their way higher. And the major indices were trading at highs of the day late morning.
With a range of less than 4.5 points, the S&P was sideways from noon until the close.
But at the end of the day the S&P, NASDAQ and DOW were all higher, ending the day with new record closes.
Here’s where the major indices ended the day:
- The S&P finished with a 0.1% gain. Up 3 points, the S&P ended at 3,224.
- The DOW ended higher by 0.3%. Adding 96 points, the DOW closed at 28,552.
- The NASDAQ was up 0.2%. With a 21 point gain, the NASDAQ finished at 8,946.
Crude Oil (CL) finished slightly higher. Up 0.2%, CL ended the day at $60.56.
Apple (AAPL) was on the move today. The stock finished the day with a 1.6% gain.
And Boeing (BA) made a bit of a comeback after last week’s troubles (order cancellations and the failed NASA mission). The stock finished higher by 2.9% today after news that Boeing’s CEO Dennis Muilenburg resigned.
Ready for Santa?
Traders usually define a “Santa Claus Rally” as a market rally that occurs during the last 5 trading days of December and first 2 days of the New Year. Going back to 1950, the S&P has traded higher during this stretch 75% of the time with an average gain of 1.3% (according to the Stock Trader’s Almanac).
But Santa hasn’t been that consistent over the past 5 years
2014 = -0.3%
2015 = -2.3%
2016 = +0.5%
2017 = +1.1%
2018 = +4.1%
And although last year produced one of the best Santa Claus rallies that we’ve seen, on Christmas Eve stocks suffered their worst Christmas Eve EVER with a 2.7% drop.
Tomorrow markets close early 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.