Tech Rally Sends Nasdaq Past 9,000 For The First Time; Plus other Major Events

For the first time, gains in technology shares sent the Nasdaq Composite Index above 9,000  in this holiday-thinned trading. While gold advanced and the dollar drifted lower. Among the top equity performers was Amazon.com Inc. This came after the e-commerce giant reported a “record breaking” holiday season. European markets remained shuttered. In Tokyo, Shanghai and Seoul shares ended higher, while exchanges were closed in Hong Kong and Sydney. The ten-year Treasury yields fluctuated around 1.9% while the dollar slipped in comparison with major peers as the United States jobless claims data came in close to expectations. The Japanese Yen experienced its biggest drop in the last two weeks.

Bloomberg reports that investors are pushing the $51 trillion MSCI ACWI Index of global stocks towards a range that is more than 8% advance in the final quarter of the year. This quarterly performance only became better only a handful of times in the past decade. As traders digest data showing strong consumer confidence, attention now turns to January, when they will look for the United States and China to consummate the phase-one trade agreement.

Chief investment officer at Exencial Wealth Advisors, Tim Courtney said, “The consumer continues to be shown as the supporting pillar. They are continuing to spend and they’re not cutting back.”

In other regions, the pound rose for a third session. Crude oil climbed above $61 a barrel in New York. Gold advanced beyond $1,500 an ounce, having increased every session this week.

Some major events that took place this week:

• The Japanese yen became weakened by 0.3% to 109.66 per dollar.

• The yield on a 10-year Treasuries was a little bit changed at 1.9%.

• The yield on two-year Treasuries rose by one basic point to 1.63%.

• West Texas Intermediate crude futures increased by 0.9% to $61.68 per barrel.

• Gold gained 0.7% to $1,510.21 an ounce.

• Japan retail sales and industrial production are currently scheduled for December 27th.

• On December 26, the S&P 500 Index gained 0.3% as of 2:30 p.m. New York time; the Nasdaq added 0.6%.

• The MSCI Asia Pacific Index rose by 0.2%.

• The MSCI All-Country World Index added 0.3%.

• The Bloomberg Dollar Spot Index dipped 0.2%.

• The British pound increased 0.4% to $1.3008.

• The euro rose 0.1% to $1.1103.