|Day's Range||27,839.68 - 28,035.85|
|52 Week Range||21,712.53 - 28,174.97|
With the end of the year and the decade fast-approaching, Wall Street strategists have begun to deliver their expectations about where the stock market will close out 2020.
Keep your money close when Wall Street and surging stock prices tempt you to buy, writes Michael Sincere.
According to a recent National Association for Business Economics survey, 72% of economists expect a recession by the end of 2021. That percentage appears to be much higher among some of Goldman Sachs’s deepest-pocketed customers.
The U.S. stock market has been setting new records and the economy is in a record eleventh year of expansion, so one research firm thinks a recession is due in the next two years. What that means for stocks, precisely, is a little less clear.
Some market participants are starting to contemplate the notion that stellar employment figures could help embolden U.S. trade negotiators in a protracted tariff dispute between the U.S. and China—possibly resulting in a delay if not outright scuttling of a long-sought-after resolution. Indeed, a key report of the week from the Labor Department report showed that the U.S. economy created 266,000 new jobs in November, according to the Labor Department, the biggest gain since January and the unemployment rate slipped to 3.5%, a 50-year low. “This positive number could delay any US/China trade agreement, as signs of a stronger US economy will embolden US negotiators,” wrote Chris Gaffney, president of World Markets at TIAA Bank, in a research note after the nonfarm-payrolls report on Friday.
Demand for short-term funding from the Federal Reserve is still running high ahead of the typical year-end cash crunch, even as the central bank has poured more than $320 billion into financial markets to keep credit flowing.
Steven Gidumal, managing partner of Virtus Capital, says the fate of this relentless bull market hangs on what happens in the upcoming 2020 presidential election.
Price action, internal momentum and volume aren’t great, but that doesn’t matter when the president wields his baton.
U.S. stocks close sharply higher Friday after employment report for November beat expectations, while investors remain optimistic about the chances of a U.S.-China trade deal.
News that Cleveland-Cliffs planned to buy AK Steel sent shares tumbling Tuesday, but the iron-ore miner may have hit a “home run” on the deal.
History shows investors shouldn’t worry about the impact on the market next year if Warren’s campaign gains steam, a Bernstein economist says.
The main U.S. stock indexes closed with strong gains on Friday as November’s jobs report come much better than expected. Progress in trade talks with China remain cloudy.
The U.S. added a seasonally adjusted 266,000 jobs in November and unemployment rate fell, according to the Labor Department’s November 2019 Jobs Report.
The stock market shot upward Friday, following an unexpectedly strong surge in November job growth and the decline in unemployment to record lows.
The dollar rose and global equity markets jumped on Friday after data showed U.S. job growth increased by the most in 10 months in November, putting to rest recession fears and briefly taking the spotlight off contentious U.S.-China trade talks. U.S. Treasury yields rose, while gold slipped more than 1%, reflecting a rebound in investor appetite for risk as U.S. unemployment dipped to 3.5%, the lowest in nearly half a century. Stocks on Wall Street neared record highs, with the benchmark S&P 500 closing within 0.24% of its peak set nine days ago.
Wall Street ended solidly higher on Friday as a strong jobs report and optimism about U.S.-China trade negotiations ahead of an upcoming deadline helped stoke investor risk appetite. The Dow and the Nasdaq ended the session down from last Friday's close. "This type of report shows underlying economic strength, and it gives corporate management confidence in the strength of the economy," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.
The stock market rally started the week with losses, but erased losses by Friday. DocuSign, Shopify and Progyny broke out on news while RH soared. Google founders left management roles.
U.S. stocks closed solidly higher Friday, helping to wipe out or chip away at weekly losses, after an key employment report for November ignited bullish buying on Wall Street, adding to some modest progress toward a partial Sino-American trade agreement. The Dow Jones Industrial Average gained 337 points, or 1.2%, to reach 28,015, the S&P 500 index advanced 0.9% to 3,146, while the Nasdaq Composite Index climbed 1% to 8,656. The moves on Friday were in contrast to trading that started the week after President Donald Trump in London implied that he would wait until 2020 to cement a phase-one trade agreement. For the week, the Dow and the Nasdaq finished down 0.1%, while the S&P 500 notched a 0.2% gain for the 5-day trading stretch. The economy created 266,000 new jobs, the most since January, and the unemployment rote fell to 3.5%, a 50 year low, Labor Department data showed, signaling that the jobs market remains robust even though economic growth has slowed. The government also revised the increase in new jobs in October to 156,000 from 128,000 and September's gain was raised to 193,000 from 180,000. The increase in new jobs easily topped the 180,000 MarketWatch forecast, helped by the end of the General Motors auto-workers strike which added roughly 50,000 jobs to the payrolls number. The unemployment rate slipped to 3.5% from 3.6% and matched a 50-year low. The average wage paid to American workers rose 7 cents, or 0.2%, to $28.29 an hour. The 12-month rate of hourly wage gains slipped to 3.1% from 3.2%. Helping to lift stocks even before the jobs report was news that China's State Council had begun the process on Friday of exempting some soybeans and pork imported from the U.S. from import tariffs, the state-run Xinhua News Agency said, a move taken as a sign of progress on at least a partial trade pact. The action comes about nine days from a Dec. 15 deadline at which import duties on $156 billion in China goods will be raised to 15%. In corporate news, Shares of Apple Inc. surged above its record closing price. The day's gains put the main benchmarks just short of their record closes.
Consumer credit rose a larger-than-expected $18.9 billion in October, the second highest monthly rate this year, the Federal Reserve said Friday.
Just like any invention, exchange-traded funds require innovation, seed money, time and effort to launch. And some industry participants think they need a special level of protection for the intellectual property that goes into the process.