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Dow and the S&P 500 notched up all-time closing highs on Monday even as investors digested an attempted terror attack in the New York City. Meanwhile, investors speculated the outcome of a two-day policy meet of the Fed. This meeting would reveal if the Fed would actually increase the interest rates this month. Finally, a labor department report stated that job openings in the United States for October fell from an all-time high the prior month.
The Dow Jones Industrial Average (DJIA) increased 0.2%, to close at 24,386.03. The S&P 500 Index (INX) rose 0.3% to close at 2,659.99. The tech-laden Nasdaq Composite Index (IXIC) closed at 6,875.08, gaining 0.5%. A total of 5.85 billion shares were traded on Monday, lower than the last 20-session average of 6.5 billion shares. Advancers outnumbered decliners on the NYSE by a 1.18-to-1 ratio. On Nasdaq, a 1.14-to-1 ratio favored declining issues. The CBOE VIX decreased 2.2% to close at 9.4.
Market Watchers Closely Watch Fed’s Two-Day Meet
Market watchers had a keen eye for the outcome of the Fed’s two-day meet. The Federal Open Market Committee meeting will begin on Tuesday and the committee is expected to announce the outcome of its meeting on Wednesday. The outcome of this policy meeting will decide whether the central bank hikes interest rates for one final time this year.
As per the CME FedWatch Tool, there is an 87.6% chance of a rate hike this month. Such events kept investors on tenterhooks. Meanwhile, the European Central Bank and the Bank of England are also slated to make important monetary policy announcements later this week.
Dismal Job Openings Figures
Total number of job openings in the United States dipped below 6 million in October from 6.18 million in September. According to the Labor Department around 5.55 million people were hired by firms in the U.S. against 4.85 million individuals who ended up losing their jobs. Major part of the decline came from wholesale businesses, financial companies, and media and public relations.
However, job openings for the roles of maids, waiters and construction workers surged but were not enough to offset the overall decline in job openings.
Terror Attack in New York City
In a foiled terrorist attack in New York, a suicide-bomber who also happens to be a former New York City cab driver detonated an explosive device under the Port Authority Bus Terminal.
The bomber had the explosive device attached to his body and the detonation caused injuries to three other people who were near him. The bomber has been arrested and there were reportedly no other casualties. Market watchers digested such an event and there were no ramifications for the broader markets.
How are the Benchmarks Performing?
The S&P 500 notched up an all-time closing high after surging 8.5 points on Monday. Of the 11 major sectors of the S&P 500, eight finished in the positive territory, with energy and technology shares leading the advancers. The Technology Select Sector SPDR ETF (XLK) and the Energy Select Sector SPDR ETF (XLE) advanced 0.9% and 0.8%, respectively.
Energy shares moved north after an increase in crude prices. U.S. crude futures gained 1.1% to $57.99 on Monday. Meanwhile, the Brent crude futures surged to a two and a half year high after news that the Forties pipeline system in U.K.’s North Sea would shut its operations for a few weeks due to some repairs.
Further, the Dow gathered 56.9 points to hit an all-time closing high. Gains for the Dow were largely broad-based. Nasdaq gained 35 points after tech shares were boosted an uptick in shares of Nvidia Corp. NVDA and Advanced Micro Devices (AMD - Free Report) , shares of which gained 1.7% and 2.1%, respectively. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Image: Bigstock
Stock Market News For Dec 12, 2017
Dow and the S&P 500 notched up all-time closing highs on Monday even as investors digested an attempted terror attack in the New York City. Meanwhile, investors speculated the outcome of a two-day policy meet of the Fed. This meeting would reveal if the Fed would actually increase the interest rates this month. Finally, a labor department report stated that job openings in the United States for October fell from an all-time high the prior month.
The Dow Jones Industrial Average (DJIA) increased 0.2%, to close at 24,386.03. The S&P 500 Index (INX) rose 0.3% to close at 2,659.99. The tech-laden Nasdaq Composite Index (IXIC) closed at 6,875.08, gaining 0.5%. A total of 5.85 billion shares were traded on Monday, lower than the last 20-session average of 6.5 billion shares. Advancers outnumbered decliners on the NYSE by a 1.18-to-1 ratio. On Nasdaq, a 1.14-to-1 ratio favored declining issues. The CBOE VIX decreased 2.2% to close at 9.4.
Market Watchers Closely Watch Fed’s Two-Day Meet
Market watchers had a keen eye for the outcome of the Fed’s two-day meet. The Federal Open Market Committee meeting will begin on Tuesday and the committee is expected to announce the outcome of its meeting on Wednesday. The outcome of this policy meeting will decide whether the central bank hikes interest rates for one final time this year.
As per the CME FedWatch Tool, there is an 87.6% chance of a rate hike this month. Such events kept investors on tenterhooks. Meanwhile, the European Central Bank and the Bank of England are also slated to make important monetary policy announcements later this week.
Dismal Job Openings Figures
Total number of job openings in the United States dipped below 6 million in October from 6.18 million in September. According to the Labor Department around 5.55 million people were hired by firms in the U.S. against 4.85 million individuals who ended up losing their jobs. Major part of the decline came from wholesale businesses, financial companies, and media and public relations.
However, job openings for the roles of maids, waiters and construction workers surged but were not enough to offset the overall decline in job openings.
Terror Attack in New York City
In a foiled terrorist attack in New York, a suicide-bomber who also happens to be a former New York City cab driver detonated an explosive device under the Port Authority Bus Terminal.
The bomber had the explosive device attached to his body and the detonation caused injuries to three other people who were near him. The bomber has been arrested and there were reportedly no other casualties. Market watchers digested such an event and there were no ramifications for the broader markets.
How are the Benchmarks Performing?
The S&P 500 notched up an all-time closing high after surging 8.5 points on Monday. Of the 11 major sectors of the S&P 500, eight finished in the positive territory, with energy and technology shares leading the advancers. The Technology Select Sector SPDR ETF (XLK) and the Energy Select Sector SPDR ETF (XLE) advanced 0.9% and 0.8%, respectively.
Energy shares moved north after an increase in crude prices. U.S. crude futures gained 1.1% to $57.99 on Monday. Meanwhile, the Brent crude futures surged to a two and a half year high after news that the Forties pipeline system in U.K.’s North Sea would shut its operations for a few weeks due to some repairs.
Further, the Dow gathered 56.9 points to hit an all-time closing high. Gains for the Dow were largely broad-based. Nasdaq gained 35 points after tech shares were boosted an uptick in shares of Nvidia Corp. NVDA and Advanced Micro Devices (AMD - Free Report) , shares of which gained 1.7% and 2.1%, respectively. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>