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US Stocks Ended Dec. 16, 2016
U.S. stocks had a bumpy week, but the S&P 500 ultimately closed slightly down with a -0.03% return. The index has returned 12.84% since the beginning of the year. The S&P 500 hit an all-time high on Tuesday, but the uneven trading pattern of stocks matched the news cycle, as the Fed announced the first interest rate increase since last December on Wednesday. Crude oil continued to climb in December, topping out at $52.98 on Tuesday. Investors' risk appetite is beginning to dwindle, as the dollar soared and defensive stocks continued to rise. Some of the cautious moves are a reaction to the hawkish Federal Reserve and the uncertainty about Janet Yellen's statements on the state of the job market slated for next week. The Chinese yuan fell to a new low against the dollar after mounting tensions between the U.S. and China came to a head when a Chinese Navy warship seized a U.S. underwater drone in international waters of the South China Sea. NVIDIA Corp., a graphics processor manufacturer, turned in the best performance in the S&P 500 Index with a 9.36% gain. The company moved to an all-time high after nearly tripling YTD. The next two best performers were Eli Lilly and Illumina Inc. with returns of 8.05% and 6.34%, respectively.
Monday, December 19, 2016 @ 8:07 AM
These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.