Wall Street continues to push higher led by Communication Services

Share

The benchmark European stock index also hit an all-time high for the first time in four years on Monday, which had a positive impact on investor confidence globally, Kenny said. The Dow Jones Industrial Average bested its last record high set in late November.

The broad-based S&P 500 was up a hair at 3,192.52, while the tech-rich Nasdaq Composite Index advanced 0.1 per cent to 8,823.36. With less than three weeks left in 2019, the index is up 27.4% for the year.

In particular, the U.S. Dow Jones Industrial Average, S&P 500, and the NASDAQ all ended the day at their highest levels ever, hitting fresh records for what's already been a record-breaking year already.

Banks and companies that rely on consumer spending led the way higher, outweighing losses in the technology and health care sectors. Energy stocks were at the head of the pack after the price of oil added to its gain last week. Stocks have been vaulting higher in recent days on optimism about an interim U.S. -China trade deal, a dovish Federal Reserve and upbeat economic indicators.

In its policy meeting last week, the Fed stood pat on interest rates, as expected, and kept the bar high for future reductions.

How next year shakes out largely depends on whether the USA and China can continue to resolve their trade issues and whether US economy can continue to grow. "China deal from last week and some potential clarity around Brexit", said Jamie Lavin, global investment specialist at J.P. Morgan Private Bank. That deal removed, for now, a major source of consternation for investors by canceling a new round of tariffs and easing some of the levies that were already in place.

The latest batch of economic data also helps buttress traders' confidence in the health of the US economy.

Snow squall expected to hit Staten Island Wednesday afternoon
Northeast to north winds may gust 25-35 miles per hour , leading to some blowing & drifting on east-west roadways. The National Weather Service issued a wind chill advisory for all four counties in Western Massachusetts.

The data published by the Federal Reserve on Tuesday showed that both Industrial Production and Manufacturing Production in the U.S. expanded at a more robust pace than expected in November to ease concerns over a protracted weakness in the manufacturing sector.

As the year winds down, the tone is markedly different from a year ago when markets collapsed, stoking fears of an eventual recession. Financial stocks were also strong on expectations that a healthier economy and higher interest rates will boost their profits.

On the data front, building permit and housing starts figures for November were scheduled to be published at 1330 GMT, while industrial and manufacturing production figures would follow at 1415 GMT. The currency has shed all the gains made during the Conservative Party's big election win. Goldman Sachs Group rose 1.4 percent and Citigroup added 1.1 percent.

STREAMING EVERYWHERE: Netflix jumped 3.7% for one of the biggest gains in the S&P 500. The two-year yield slipped to 1.63% from 1.65%, and the 30-year yield rose to 2.32% from 2.31%.

ENERGY: Benchmark U.S. crude lost 42 cents to $60.52 in electronic trading on the New York Mercantile Exchange. Brent crude, used to price global oils, added 10 cents to $65.44.

The dollar climbed to 109.59 Japanese yen from 109.32 yen on Friday. The euro was unchanged at $1.1147.

Share