Ho Ho Ho! Santa is still in town doling out gifts on Wall Street. The major stock indexes of DOW and S&P 500 closed at record highs again this week. Trading was light with many traders still out for the Christmas holiday. The S&P printed its 52nd record close of the year, while the Dow closed up for the seventh day in a row – its longest streak since March 2013. It’s been a fantastic year for the Bond Market too.
Recent gains have been broad based thanks to strong economic data. Crude is holding in at the mid $50 level, while interest rates are beginning another move higher.
One indicator of strong online sales was announced today by Amazon.com: The company reported that more than 10 million new members worldwide tried its Prime subscription service for the first time this holiday season. Earlier this week, UPS and FedEx limited express deliveries after last-minute sales caused some retailers to exceed agreed upon limits – another positive indicator of online spending! Official holiday retail numbers should start trickling in next week.
With only 3 trading days left in 2014, we are thinking ahead to the New Year and ready for whatever comes our way.
Have a great weekend.
By: Meredith Rosen
