Symbol	Name	Price		Change	%Change
DJIA	Dow Industrials	19796.43		39.58	0.20%
S& P 500	S& P 500 Index	2256.96		-2.57	-0.11%
NASDAQ	NASDAQ Composite	5412.54		-31.96	-0.59%

Dow notches 15th record close since election Treasury yields rise ahead of Fed meeting

Stocks closed mostly lower on Monday despite oil prices soaring as Treasury yields spiked ahead of a key Federal Reserve meeting.

The Fed' s policymaking committee is set to begin a two-day meeting on Tuesday, where the US central bank is largely expected to raise interest rates by 25 basis points. According to the CME Group' s FedWatch tool, market expectations for a rate hike this week are Above 95 percent.

Luke Bartholomew, investment manager at Aberdeen Asset Management said " this meeting is more about the guidance on interest rates next year. Everyone is second guessing what a Trump presidency will mean and financial markets think that Trump can spell more inflation and growth. Is dependent on the vagaries of US politics, and frankly, Trump' s own personality.

Stocks have risen sharply since President-elect Donald Trump' s surprising victory over Democrat Hillary Clinton, as optimism around the prospects of tax cuts and fiscal spending have flooded the market. Since Nov. 8, the major indexes have risen at least 4.5 percent, with the Small-caps Russell 2000 soaring more than 15 percent. The Dow, meanwhile, has posted 15 record closes since then and gains in 21 of the past 25 sessions.

Investors also kept an eye on oil prices, as West Texas Intermediate futures for January delivery gained 2.58 percent to settle at $ 52.83 per barrel, their best settle since since 2015.

" Oil will be a cushion for the market, but ... yields are spiking up and you have others that are going to keep investors cautious," said Peter Cardillo, chief market economist at First Standard Financial. " I think the market has baked In a [Fed rate hike] but not a more hawkish Fed. "

After nearly a year of wrangling, the Organization of the Petroleum Exporting Countries agreed on Nov. 30 to cut output by 1.2 million barrels per day for six months from Jan. 1, with top exporter Saudi Arabia cutting around 486,000 barrels per day to curb the Oversupply that has dogged markets for two years.

On Saturday, producers from outside OPEC, led by Russia, agreed to reduce output by 558,000 barrels per day, short of the target of 600,000 barrels per day but still the largest contribution by non-OPEC ever.

" Although Oil prices have staged an impressive rebound, concerns still linger towards the compliance side of the cut deal with an xieties rising over OPEC and Non-OPEC members cheating," Lukman Otunuga, research analyst at FXTM, said in a note.

" With the agreement not legally binding and no punishments in place for going against the cut deal, there are fears of some cartel members not respecting their pledge which could pressure oil in the medium to longer term," he said.

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Symbol	Name	Price		Change	%Change
DJIA	Dow Industrials	19756.85		142.04	0.72%
S& P 500	S& P 500 Index	2259.53		13.34	0.59%
NASDAQ	NASDAQ Composite	5444.50		27.14	0.50%

 

Symbol	Name	Price		Change	%Change
DJIA	Dow Industrials	19614.81		65.19	0.33%
S& P 500	S& P 500 Index	2246.19		4.84	0.22%
NASDAQ	NASDAQ Composite	5417.36		23.60	0.44%

US stocks close at fresh records as Trump rally continues financials lead

U.S. equities closed higher on Thursday, notching fresh record highs, as a post-election rally continued following a key monetary policy announcement from the European Central Bank.

The Dow Jones industrial average briefly rose more than 100 points before closing about 60 points higher, with Goldman Sachs contributing the most gains. The blue-chips index has now posted gains in 19 of the past 23 sessions and 13 record closes since the election.

" This really is the Trump trade," said Phil Blancato, CEO of Ladenburg Thalmann Asset Management. " This trade is about the potential for a more pro-business economy."
" But I think interest rates have got up too high too fast without an economic catalyst," he said. " I think people do not realize what this move in interest rates has done to some portfolios."

The S & P 500 closed 0.2 percent higher, with financials rising around 1 percent to lead advancers.

" We' ve had such a strong run up since the election," said Jeff Zipper, managing director of investments at the Private Client Reserve of U.S. Bank. " This rally based on seasonality, definitely has more room to run."
The Nasdaq composite advanced 0.4 percent. The three major indexes, along with the small-caps Russell 2000 and the S & P Mid Cap 400, all closed at record levels.

U.S. stocks traded in a narrow range for most of the morning, as investors digested the ECB' s decision to hold rates steady.

Investors have been keeping a close eye on U.S. economic data as they prepare for a Federal Reserve meeting scheduled for next week. According to the CME Group' s FedWatch tool, market expectations for a rate hike were above 95 percent.

Also, in oil markets, US crude futures for January delivery rose 2.15 percent to settle at $ 50.84 per barrel. First Standard' s Cardillo said prices were receiving a boost, in part because of solid economic data from China released overnight.

Gold futures for February delivery fell $ 5.10 to settle at $ 1,172.40 per ounce.

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Symbol	Name	Price		Change	%Change
DJIA	Dow Industrials	19549.62		297.84	1.55%
S& P 500	S& P 500 Index	2241.35		29.12	1.32%
NASDAQ	NASDAQ Composite	5393.76		60.76	1.14%