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U.S. Stocks Rally to Cap Best Year Since 2013: Markets Wrap

Vildana Hajric
U.S. Stocks Rally to Cap Best Year Since 2013: Markets Wrap

(Bloomberg) -- U.S. stocks capped one of the best years of the past decade with a slight gain, pushing the S&P 500 to an annual advance of 29% and a record $5.9 trillion in value added. The dollar fell for a fourth session and Treasuries slumped.

The Nasdaq 100 Index notched a 38% gain for the year, its best since 2009. Bloomberg’s dollar index was set to end the year lower by about 1% after a 2.9% slump in the fourth quarter. Ten-year Treasuries yielded 1.92%, down more than 75 basis points in the year.

Gold looked to cap its best year since 2010, while crude oil pared its rise to 35%. European equities slipped Tuesday, but notched a 23% gain in 2019, the most since 2009.

With several major markets shuttered and trading volumes depressed before the New Year’s holiday, the dominant moves on Tuesday were themes expected by many to feature heavily in 2020 -- a weakening dollar, stabilizing global economy and easing of U.S.-China trade tensions. The lull across markets on Tuesday draws a line under a year of spectacular returns for many asset classes.

Here are some events to watch for this week:

Most global markets will be closed on Jan. 1. U.S. fixed-income markets also close early at 2 p.m. EST Tuesday.China’s Caixin manufacturing PMI comes Thursday.Federal Open Market Committee minutes will be released on Friday.U.S. ISM manufacturing is due Friday. The Institute for Supply Management’s PMI is forecast to show a contraction for a fifth straight month.

These are some of the moves in major markets:

Stocks

The S&P 500 Index rose 0.3% at 4 p.m. New York time.The Nasdaq 100 Index gained 0.3%. The Dow Jones Industrial Average added 0.3%. The Stoxx Europe 600 Index decreased 0.1%.The MSCI Asia Pacific Index sank 0.2%.

Currencies

The Bloomberg Dollar Spot Index declined 0.3%.The British pound increased 1%.The euro advanced 0.2% to $1.1216.The Japanese yen strengthened 0.2% to 108.65 per dollar.

Bonds

The yield on 10-year Treasuries advanced four basis points to 1.92%.Germany’s 10-year rate ended the year at -0.185%

Commodities

West Texas Intermediate crude fell 0.8% to $61.19 a barrel.Gold climbed 0.1% to $1,520.20 an ounce.

--With assistance from Todd White and Vildana Hajric.

To contact the reporter on this story: Vildana Hajric in New York at vhajric1@bloomberg.net

To contact the editor responsible for this story: Jeremy Herron at jherron8@bloomberg.net

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