Investment Commentary –December 12th, 2017
Market Indices as of Market Close December 12th, 2017
Dow 24,504 (24.00% YTD)
S&P 2,664 (19.00% YTD)
NASDAQ 6,862 (27.48% YTD)
Global DOW 3,033 (19.91% YTD)
Gold $1,246 (6.63%)
OIL $57.45 (0.81%)
US 10Y Treasury 2.409 (-3.69%)
Barclay Bond Aggregate (3.33% YTD)
S&P 500, Dow end at records ahead of Fed decision
The S&P 500 and the Dow closed at records for a fourth session in a row Tuesday as the Federal Reserve kicks off its two-day meeting, but the NASDAQ bucked the trend to head south.
The central bank’s Federal Open Market Committee is widely expected to announce its third and final interest-rate hike of 2017 on Wednesday, but investors want to see what the policy-making body signals about 2018.
How did the main benchmarks fare?
The S&P 500 SPX, +0.15% rose 4.12 points, or 0.2%, to 2,664.11. Telecoms and financials led the gains, while utilities and energy shares lagged behind.
The Dow Jones Industrial Average DJIA, +0.49% advanced 118.77 points, or 0.5%, to 24,504.80.
News around the web:
After posting big gains during the two previous weeks, the major stock indexes took a breather in the first full week of December. The S&P 500 and the Dow recorded small gains, while the NASDAQ Composite slipped.
Fears of a partial shutdown of the U.S. government eased over the short term as Congress and President Trump on Thursday agreed on a stopgap spending bill. The agreement will keep the government funded through December 22, although budget priorities and other issues remain unresolved.
On tap this week:
U.S. Federal Reserve Board concludes two-day policy meeting, Chair Janet Yellen holds press conference
Industrial production capacity utilization, U.S. Federal Reserve
LEADERS & LAGGARDS
Leaders this past week were Technology, Healthcare and financials. Laggards were Utilities and Conglomerates.
This day in financial history: Carnegie and Morgan Get Together
Charles Schwab brokers a deal bringing companies of J. P. Morgan and Andrew Carnegie together to form U.S. Steel.
The views presented are not intended to be relied on as a forecast, research or investment advice and are the opinions of the sources cited and are subject to change based on subsequent developments. They are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investments.