US Tech Stock Index Nasdaq Crosses 9,000 First Time Ever

Saturday, 28 Dec, 2019

The Nasdaq hit 9,000 for the first time ever on Thursday.

The rally has been gathering momentum as the year draws to a close and was pushed along Thursday on news that retail sales for the just concluded holiday season were 3.4 percent higher than 2018, including record online sales, which were up almost 20 percent. The S&P 500 (+0.5%) and Dow (+0.4%) also closed at record levels in the first trading day after Christmas.

Amazon shares jumped 4.4% after a Mastercard report showed that US shoppers spent more online during the holiday shopping season than in 2018, with online sales reaching record levels.

-China trade relations, as well as a boost in shares of Amazon.com, thanks to robust holiday sales.

Consumer discretionary .SPLRCD was the biggest gainer among the S&P 500 sectors, spurred by Amazon. A report from Mastercard SpendingPulse showed holiday retail sales rose 3.4%, with online shopping rising 18.8%.

Donald Trump on Wednesday bragged holiday retail sales were up 3.4% over previous year.

Asian markets ended the Friday session mixed following the USA record-setting run on Thursday.

Despite optimism about U.S. Crude oil climbed above $61 a barrel in NY.

The S&P 500 inched up 0.11 points, or less than 0.1%, to 3,240.02. Hong Kong's Hang Seng index gained 1.2% to 28,202.10 and Seoul's Kospi added 0.3% to 2,204.21.

Wall Street has had one of its biggest and most prolonged bull runs this year on optimism over the imminent China deal as well as runaway jobs growth and other strong U.S. economic data. Next year also has the added complication of the USA presidential election. American Airlines Group was the biggest decliner in the S&P 500, shedding 0.8%.

With two days of trading left in 2019, the market is on track for its best year since 2013. "Many important stock indexes breaking out. but they're also getting overbought". Macy's rose 1.8% and Nordstrom added 1.2%. The euro rose to $1.1152 from $1.1100.

Brent crude, the global benchmark, extended gains into a fourth session, hitting $68.09 per barrel, the highest since mid-September.

Crude oil (CL=F): $61.77 per barrel, up $0.09 or 0.15%. Gold advanced beyond $1,500 an ounce, having increased every session this week.

Oil prices rebounded from an early stumble. India's Sensex lost 0.3% to 41,339.87.