S&P, Dow Break Records as Santa Clause Rally Continues
Today's financial recap and tomorrow's financial outlook.
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.
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