Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

S&P, Dow Break Records as Santa Clause Rally Continues

By

Today's financial recap and tomorrow's financial outlook.

PrintPRINT
The S&P 500 (SPX) and Dow Jones Industrial Average (DJIA) both made all-time highs on Friday as the Santa Claus rally continued.

The S&P posted a 0.3% gain for the day, finishing at 2,088.77.

While that wasn't a dramatic increase, we saw some momentum in risky areas of the market.

The Russell 2000 (RUT) gained 0.7%, as did the NASDAQ Composite (COMP).

Additionally, biotech stocks rose sharply for the second straight day, with the iShares Nasdaq Biotechnology ETF (IBB) popping 2.3% to finish at $306.61.

Biotech giant Gilead (GILD), which set off a major sector selloff Monday and Tuesday with a pricing scare, saw its shares jump 2.7%.

Shares of leading Internet retailer Amazon.com (AMZN) were up 2.0% after the company said it added more than 10 million Amazon Prime subscribers during the holiday season. However, the company did not announce specific sales figures.

Mastercard (MA) Advsisors SpendingPulse said retail sales from Black Friday through Christmas Eve rose 5.5% year-over-year, which was in-line with forecasts.

Overseas, China was the big story as the Shanghai Composite rose 2.8% on news that the Chinese government would ease banks' abilities to loan out deposits.

Monday's Financial Outlook

The newsflow should be light on Monday.

There are no major earnings reports scheduled, and the lone US economic report will be the December Dallas Fed Manufacturing Activity Index. Overseas, November China's Leading Index will be released.

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE