By Barbara Kollmeyer, MarketWatch , Ryan Vlastelica
9 of 11 S&P 500 sectors rise
U.S. stocks rose in a thinly traded session on Tuesday, with the
Nasdaq hitting its latest in a series of records as the market's
recent upward bias continued, helped by a gain in technology
shares.
The 20,000 milestone, meanwhile, remained elusive for the Dow
Jones Industrial Average, which came within 20 points of the
psychologically important level only to give up most of the day's
gains.
Read: Dow's 20,000 dalliance is a reminder that it's the best
active fund ever fashioned
(http://www.marketwatch.com/story/the-dow-is-arguably-the-best-active-fund-ever-engineered-2016-12-22)
Overall, stocks saw a broad but slight advance, with all but two
of the S&P 500's 11 primary sectors higher on the day. Retail
stocks were in focus as investors looked to the first reads on the
strength of the holiday shopping season.
"We'll probably drift higher to finish the year, because that's
typical from a historic basis," said Wayne Kaufman, chief market
analyst at Phoenix Financial Services. "We're getting ready for
2017, waiting to see if there will be any kind of unwind in the
'Trump rally' because a lot of anticipation has been built into
stock prices and it may be too much."
Also read:In One Chart: Stock-market inflows may have lot
further to run
(http://www.marketwatch.com/story/stock-market-inflows-may-have-a-lot-further-to-run-according-to-this-chart-2016-12-27)
Total composite volume, which includes New York Stock Exchange,
Nasdaq, NYSE MKT and NYSA Arca composite volumes, was 3.894 billion
shares. That was the lowest volume for a full trading session of
2016.
The final trading week of the year is typically a quiet one,
with light trading and few planned news events--such as central
bank announcements or corporate earnings--to dictate market
direction. Many traders were out of the office following the
Christmas holiday, for which the equity market was closed on
Monday, while others are waiting for the new year to make big
portfolio changes.
Some investors may be looking to take profits given the sharp
rally that occurred following the U.S. presidential election. The
Dow is up almost 9% since the election, bringing its year-to-date
gain to 14.5%. The blue-chip average has come within 0.1% of the
psychologically significant level of 20,000, but has been unable to
overcome the final hurdle. The Dow is coming off its seventh
straight weekly gain.
See:What Dow 20,000 means for stock-market investors
(http://www.marketwatch.com/story/what-dow-20000-means-for-stock-market-investors-2016-12-14)
The S&P 500 is up about 6% since the election, and it is up
11% for the year, while the Nasdaq Composite has gained 9.6%,
driven by a postelection rise of more than 5%. Small-cap stocks
have been particular outperformers; the Russell 2000 is up 21.4% in
2016, with nearly 15% of that rise occurring since the
election.
The Dow Jones Industrial Average rose 0.1%, or 11.23 points, to
end at 19,945.04, while the S&P 500 advanced 5.09 points, or
0.2%, to 2,268.88 and the Nasdaq Composite Index added 24.75 points
to settle at 5,487.44, a gain of 0.5%. In addition to ending at a
record close, the Nasdaq also struck a new intraday record of
5,512.37.
The Nasdaq was boosted by a rise in technology shares; the
sector rose 0.5% on the day, the best performer among S&P 500
industries. Nvidia Corp. (NVDA) rose 6.9%, ending at a record.
Read: Growing signs that the Dow might not make it to 20,000 by
the end of 2016
(http://www.marketwatch.com/story/dow-20000-isnt-a-foregone-conclusion-in-2016so-dont-break-out-the-bubbly-2016-12-22)
In the latest economic data, the S&P Case-Shiller index
(http://www.marketwatch.com/story/rise-in-us-home-prices-shows-no-sign-of-abating-2016-12-27)
of home prices climbed 0.6% in October and was up 5.1% in the past
year, unchanged from the prior month. Consumer confidence in
December jumped to 113.7 from a revised 109.4 in November, hitting
its highest level since 2001
(http://www.marketwatch.com/story/consumer-confidence-hits-highest-level-since-2001-2016-12-27).
Opinion: What this week's stock market will tell you about 2017
(http://www.marketwatch.com/story/what-this-weeks-stock-market-will-tell-you-about-2017-2016-12-26)
(http://www.marketwatch.com/story/what-this-weeks-stock-market-will-tell-you-about-2017-2016-12-26)Among
Tuesday's biggest movers, retailers Amazon.com Inc.(AMZN) and
Wal-Mart Stores Inc.(WMT) were in focus amid postholiday Christmas
shopping
(http://www.marketwatch.com/story/retail-etfs-rise-as-early-indications-point-to-strong-holiday-shopping-season-2016-12-27)
as the first. The SPDR S&P Retail ETF(XRT) rose 1% on Tuesday,
while the Amplify Online Retail ETF(IBUY)--which only holds
companies that get a majority of their sales from online
purchases--rose 0.7%.
Amazon shares rose 1.4% while Wal-Mart edged 0.2% higher.
Across other markets, Asian stocks had a largely lackluster
session
(http://www.marketwatch.com/story/asian-stocks-trade-mixed-toshiba-takes-a-hit-over-loss-report-2016-12-27),
while European equities traded mostly flat
(http://www.marketwatch.com/story/european-stocks-struggle-for-direction-in-first-day-of-post-christmas-trade-2016-12-27).
London markets remain closed for an extended Christmas break.
Opinion:New Year's Resolutions: What money pros vow to do better
in 2017
(http://www.marketwatch.com/story/new-years-resolutions-what-money-pros-vow-to-do-better-in-2017-2016-12-26)
Crude prices posted gains
(http://www.marketwatch.com/story/oil-prices-steady-as-investors-wait-for-production-cuts-to-roll-out-2016-12-27)
of 1.6%, while gold and silver prices moved higher. The dollar
inched up against major rivals
(http://www.marketwatch.com/story/dollar-inches-up-as-market-keeps-a-close-eye-on-trumps-economic-plans-2016-12-27).
(END) Dow Jones Newswires
December 27, 2016 16:31 ET (21:31 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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