Santa Claus Rally Sends Stocks to New Highs
The markets hit new highs amid thin volume
Stocks hit even more record highs during the post-Christmas session. The Nasdaq, in particular, surged above the 9,000 level for the first time ever, and clocked its 11th consecutive win. This marked its longest daily winning streak since 2009, with the tech-heavy index strengthened by a huge surge in Amazon (AMZN) shares, which rallied amid record-breaking holiday sales. Meanwhile, the S&P and Dow managed to notch fresh highs, too.
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If history is any indicator, this tech stock could see big gains in early 2020. 3 reasons options bears should pay attention to OXY stock. Plus, ACN gets a bull note; TSLA grabs new highs; and SPPI stock slammed after study.The Dow Jones Industrial Average (DJI - 28,621.39) added 105.9 points, or 0.4%. The 24 winners were led by Apple (AAPL), which added nearly 2%, while Boeing (BA) fell to the bottom of the five losers, shedding 0.9%. Procter & Gamble (PG) finished flat.
The S&P 500 Index (SPX - 3,239.91) settled 16.5 points, or 0.5%, higher, while the Nasdaq Composite (IXIC - 9,022.39) climbed 69.5 points, or 0.8%.
The Cboe Volatility Index (VIX - 12.65) lost 0.02 point, or 0.2%.
5 Items on Our Radar Today
A new law has just been proposed by the Federal Aviation Administration (FAA) that would make it possible for the government to track nearly all drones in the U.S. The rule would legally require each drone to don a remote tracking device, which could help field security threats. (CNBC)Shipping concern United Parcel Service (UPS) forecast package returns hitting a record high of 1.9 million on Jan. 2, as the holiday season comes to a close. The company cites a surge in online shopping this year, and a changing returns process. (Reuters)The post-Christmas bull note that had Accenture stock celebrating. Behind Tesla stock's climb toward even more record highs. One of the worst drug stocks on the Nasdaq today.There are no earnings of note today.
Oil Logs Third Straight Win
Oil surged today, clocking its third consecutive win and highest level since September, following a bigger-than-expected weekly drop in crude stockpiles in the U.S. February-dated crude futures added 57 cents, or 0.9%, to end at $61.68 per barrel.
Gold continued to surge today. February gold futures settled up $9.60, or 0.6%, to end at $1,514.40 an ounce -- the metal's highest settlement since Oct. 31.