Stock Market: Wall Street close to the summits

Wall Street remained high on Tuesday as the market slowed at the beginning of a week shortened between Christmas and New Year: the Dow Jones took only 0.06% and the Nasdaq 0.45 %. Toronto remains closed.

The index Featured Dow Jones Industrial Average rose 11 points to 19945 points.

For its part, the Nasdaq , dominated by technology, won by 24 points to hit its peak in closing 5487 points.

The broader index S & P 500 was up 5 points, or 0.22%, to 2268 points. Transaction volumes were 49% lower than the 30-day average.

On Friday, the New York Stock Exchange finished up slightly after a very quiet session in the absence of many investors before a three-day weekend for Christmas: the Dow Jones Industrial Average had gained 0, 07% and the Nasdaq 0.28%.

US Treasury yields advanced the most in two weeks (to 2.56%). Crude oil recorded its 7 th day of gains, as investors hoped that the cuts announced by producers would reduce oversupply.

Indicators

Shortly after the opening, investors became aware of a significant increase in the morale of US households in December according to the Conference Board index, which has peaked since August 2001.

“Overall, macroeconomic data is good and the market has evolved in an atmosphere typical of the holiday season,” said Peter Cardillo, chief economist at First Standard Financial.

The New York Stock Exchange reopened only Tuesday, Monday being a holiday to replace the Christmas day fell this year on a Sunday. Many investors therefore make the choice to stay on the sidelines for this reduced week of a session. In this context, the Dow Jones has again approached the symbolic bar of 20,000 without being able to cross it, the operators present seeming to lack conviction.

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Despite this caution, “this week has a strong historical trend to be upward and I think this is the main factor driving the market to rise,” said Karl Haeling of Landesbank Baden-Württemberg.

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