S&P Flat, NASDAQ Ekes Up

Friday, 27 Dec, 2019

Global stocks were mixed on Tuesday after stocks closed modestly higher on Wall Street, extending the major indexes' milestone-shattering run. Elsewhere in Asia, Japan's Nikkei 225 index advanced 0.6% to 23,924.92, while the Kospi in South Korea gained 0.4% to 2,197.93.

U.S. stocks jumped Thursday, a year-end rally fueled by bullish economic information that pushed the Nasdaq Composite index to 9000 for the first time in its history. "I don't want to sound like we're so great in California - but that is a lot harder to do than it sounds like", Wells said.

Prices for the 10-Year U.S. Treasury gained, lowering yields to 1.91% from Monday's 1.93%.

The S&P 500 is now trading at about 18 times forward earnings, the highest level since January 2018, according to FactSet.

The S&P 500 is up 733.06 points, or 29.2%.

The Federal Reserve's interest rate cuts as well as better-than-feared economic data and corporate profits have helped lift stocks this year along with trade-relations optimism.

Investors have been adding more risk after the US and China announced they have reached a phase one trade agreement earlier this month.

A spokesman for the Chinese Commerce Ministry said early Thursday China and the US are in close communication on signing the initial phase of a trade deal.

RETAIL RALLY: A report from Mastercard SpendingPulse showed holiday retail sales rose 3.4%, with online shopping rising 18.8%.

The Russell 2000 index of smaller company stocks rose 2.24 points, or 0.1%, to 1,674.14.

Amazon was the biggest gainer in the S&P 500, climbing 4.2%.

Uber Technologies Inc shares rose 0.4 per cent after co-founder Travis Kalanick severed his last ties with the ride-services company.

Benchmark Brent crude was up 49 cents, or 0.7%, at $67.73 a barrel, while West Texas Intermediate was up 52 cents or 0.8% at $61.63 a barrel.

In the commodities space, U.S. oil prices climbed to a three-month high. Gold futures gained 0.76%. India's Sensex lost 0.3% to 41,339.87.

Markets across Europe, Australia and Hong Kong will remain closed.