US Stock Markets Ended Dec. 27, 2019
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Stocks climbed higher for the holiday-shortened week, thrusting the Nasdaq Composite Index past 9,000 for the first time, driven by strong gains for technology and consumer discretionary shares. In economic news, durable goods orders fell short of even the most pessimistic economist forecast due to a drop in aircraft orders, likely due to Boeing's 737 Max problems, and on-going trade disputes. New homes sales also missed the mark but rose by 1.3% as interest rates and jobless rates remain near historic lows. Amazon.com Inc. shares jumped after the e-commerce powerhouse said its holiday season was "record breaking" after selling billions of items including tens of millions of devices such as the echo dot. Shares of Boeing Co. rose following the announcement that current CEO Dennis Muilenburg resigned effective immediately amid continued issues linked to the 737 Max. Looking ahead to next year, gains will likely be near impossible to match with the S&P 500 surging close to 30% in 2019. However, with a continued strong domestic economy and improving global picture, an accommodative Fed and easing trade tensions, future gains are still attainable. While the last decade resulted in a handful of mega-caps contributing a large percentage to market gains, market leadership could shift to areas of the market that have not experienced as outsized of gains such as value, financial and smaller capitalization stocks.
Posted on Monday, December 30, 2019 @ 8:19 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.