Wall Street rally pauses, but stocks mint weekly gain

Wall Street rally pauses, but stocks mint weekly gain

The S&P 500 ended marginally lower in a choppy session on Friday, but major indexes posted weekly gains for the first time in December following a wild few days of trading that saw equities rebound from a prolonged slide, Reuters reports.

Major indexes moved in and out of positive territory during the day, action that was emblematic of recent volatility though lacking the huge swings of the past week. The Dow finished modestly lower, while the Nasdaq eked out a slight gain.

With the year coming to an end, investors will be watching key U.S. economic reports next week, including on manufacturing and employment.

“It’s just maybe nervousness ... with another short week coming up,” said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. “There’s a lot of potential for moves one way or the other. We have got a lot of data coming in next week.”

Thursday’s trading was marked by a stunning reversal late in the session to build on a rally that started on Wednesday with the biggest single-day percentage gains for the indexes in nearly a decade.

The week started off with Wall Street’s worst-ever Christmas Eve drop, pushing the S&P 500 to within a whisker of bear market territory.

“The market does seem to be forming a tradeable bottom,” said Michael Arone, chief investment strategist at State Street Global Advisors in Boston. “In the last few days and even including today, you are seeing investors come in and starting to look for some bargains.”

The Dow Jones Industrial Average .DJI fell 76.42 points, or 0.33 percent, to 23,062.40, the S&P 500 .SPX lost 3.09 points, or 0.12 percent, to 2,485.74 and the Nasdaq Composite .IXIC added 5.03 points, or 0.08 percent, to 6,584.52.

For the week, the S&P 500 rose 2.86 percent, the Dow added 2.75 percent, and the Nasdaq gained 3.97 percent.

Even so, the S&P 500 was on track to drop more than 9 percent in December, its biggest monthly percentage decline since February 2009, during the throes of the financial crisis.

Concerns about trade tensions between the United States and China, instability in Washington as underscored by the partial federal government shutdown, and slowing U.S. corporate profit growth continue to worry investors heading into 2019.

But the recent slide in stocks means valuations are more reasonable, while some market watchers said this week that Wall Street was becoming more confident about the Federal Reserve’s approach to interest rate policy and monetary tightening.

“Investors are beginning to price in the fact that they believe the Fed will raise rates at a much slower pace in 2019,” Arone said.

The rebound in stocks this week comes as investors may be rotating into equities from bonds. U.S. fund investors added $5.2 billion to equity funds in the first net positive flows for such funds this month, while bonds funds saw $8.3 billion in outflows, according to Lipper data for the latest weekly period.

Contracts to buy previously owned homes fell unexpectedly in November, the National Association of Realtors said, the latest sign of weakness in the U.S. housing market.

In corporate news, Tesla Inc (TSLA.O) shares jumped 5.6 percent after the electric carmaker named Oracle Corp (ORCL.N) co-founder Larry Ellison to its board, in response to a demand by U.S. regulators for independent oversight of company management.

Dell Technologies Inc DELL.N returned to public markets, nearly six years after the company’s founder and chief executive, Michael Dell, took it private.

Advancing issues outnumbered declining ones on the NYSE by a 1.97-to-1 ratio; on Nasdaq, a 2.23-to-1 ratio favored advancers.

The S&P 500 posted no new 52-week highs and no new lows; the Nasdaq Composite recorded six new highs and 90 new lows.

About 8 billion shares changed hands in U.S. exchanges, below the 9.2 billion-share daily average over the last 20 sessions.

Oil shrugs off U.S. inventory gain helped by vaccine hopes
Oil shrugs off U.S. inventory gain helped by vaccine hopes
Four dead as migrant boat capsizes off Canary Islands, more missing
Four dead as migrant boat capsizes off Canary Islands, more missing
Kazakhstan's 10M2020 import of Turkish leather products declines
Kazakhstan's 10M2020 import of Turkish leather products declines
Loading Bars
Latest
Oil shrugs off U.S. inventory gain helped by vaccine hopes
Total volume of non-bank deposits in Georgian banking sector down
Return of Kalbajar region to Azerbaijan has not only important political but also economic significance - Georgian expert
Number of bank accounts registered in Nakhchivan over 10M2020 unveiled
Azerbaijan's gold company reveals profits
Two facilities in Iran’s oil sector to be put into operation
Baku residents hold rally celebrating Kalbajar's liberation (PHOTOS)
Georgia reveals data on persimmons and caraway seeds exports
Turkmenistan’s growth model relies on large-scale public investments - IMF
Four dead as migrant boat capsizes off Canary Islands, more missing
Kazakhstan’s joining UPOV could help improve lives, provide for economic dev't
SOCAR reveals volume of transshipment through Kulevi terminal
First VP Mehriban Aliyeva congratulates Azerbaijani people on liberation of Kalbajar (PHOTO)
Cargo handling at Kazakhstan's Aktau seaport decreases over 10M2020
Foreign trade turnover of Azerbaijan’s Nakhchivan Autonomous Republic increases
Iran reveals its COVID-19 data for November 25
Life insurance in Azerbaijan occupies about half of all insurance fees - association
SOCAR and LUKOIL eye expanding co-op
Baku Stock Exchange hosts auction for CBA's short-term notes
Concerns of some OSCE MG co-chairing countries don't matter - Erdogan
Kazakhstan boosts passenger cars manufacturing within 10M2020
Turkmen IT company to create first online platform of Union of Industrialists, Entrepreneurs
Azerbaijan to export medical masks to Russia and Germany
UNESCO to take part in protection of cultural, religious heritage in Karabakh
Iran says ready to return to Jan 20, 2017
Iran talks banking obstacles
Azerbaijan disclose data on investments in local renewable energy projects
Iran prevented release of German home appliances from customs
Kazakhstan’s oil producing company opens tender to buy spare equipment parts
Turkmen company provides domestic market with products made of polyethylene
Production of agricultural products increases in Azerbaijan’s Nakhchivan Autonomous Republic
Azerbaijani soldiers created conditions for Armenian population to leave village in Aghdam - president
Iran reveals data on new enterprises in free trade zones
Pashinyan, where did you sign the act of capitulation? - President Aliyev
When Pashinyan put forward seven conditions to us, I said: I have only one condition: get out of our land - President Aliyev
Azerbaijan's Nakhchivan reveals data on GDP
Amount of loans issued for agricultural machinery in Iran spikes
Those who want to accuse us of something should first of all look in mirror - President Aliyev
When we drove enemy out of Shusha, it destroyed water line feeding city - President Aliyev
Global LNG prices expected to strengthen in 2021
Armenians had made maps of “Nagorno-Karabakh Republic”, where are those maps? - President Aliyev
Kazakhstan's 10M2020 import of Turkish leather products declines
Gold, silver prices in Azerbaijan down
All damage will be calculated with participation of int'l experts - President of Azerbaijan
Azerbaijani oil price exceeds $48 per barrel
Uzbek-Korean JV to buy accumulator batteries via tender
Preliminary instructions have already been given for restoration of railway to Nakhchivan - President Aliyev
We have destroyed Armenian fascism - President of Azerbaijan
We will restore Kalbajar, let no-one have any doubts about that - President Aliyev
Armenian “historians” and fraudsters Armenianized ancient Albanian churches - President of Azerbaijan
When I was in Aghdam, I could not find single safe building - President Aliyev
Uzbekistan discloses tasks for service sector dev’t
Iran considering extraterrestrial farming in Azerbaijan
Export of leather goods from Turkey to France down
Uzbekistan’s Ministry of Finance to provide Uzbek banks with funds for family entrepreneurship dev’t
If Heydar Aliyev had not come to power in 1993, Azerbaijan would have lost its statehood in general - president
Main culprit in occupation of our lands is Popular Front of Azerbaijan - President Aliyev
Demand for Turkish clothing on Georgian market edges up in October
Georgian Basis Company to negotiate with Turkey and African countries for export
Italian companies interested in restoration work on Azerbaijan's liberated lands (PHOTO)
Azerbaijan lowers consumer spending indicators in 3Q2020
Azerbaijan reveals state budget expenditures for 3Q2020
President Aliyev congratulates people of Azerbaijan on occasion of Kalbajar's liberation from occupation
Iran's Lordegan Company declares revenues
Iran slightly raises electrical goods import from Turkey in 10M2020
Details on Enguri HPP rehabilitation process in Georgia unveiled
Scientist talks Azerbaijani toponyms appropriated by Armenia
Procedure for quarterly payment of VAT in Uzbekistan stays unchanged
Georgia reports 3,071 new coronavirus cases, 3,366 recoveries
Rate of urea production doubled in Turkmenistan
Late-planting potatoes being harvested in Turkmenistan’s Dashoguz region
Building materials import in Uzbekistan down
Switzerland sees potential in strengthening ties with Azerbaijan in renewable energy
Gas production in Iran grows
Azerbaijani Finance Ministry puts up medium-term bonds for auction
Azerbaijan sends samples of local tobacco to Brazil, Germany
Azerbaijan fulfilled UN's resolution by entering Kalbajar- speaker
President Ilham Aliyev addresses the nation (PHOTO)
Hybrid cars gaining popularity in Azerbaijan - Toyota Center Baku
Kazakh soft drinks manufacturer eyes building plant in Uzbekistan
Equinor, SOCAR work on detailing possible development solution for Karabagh project
Azerbaijan shares satellite images of liberated Kalbajar district (PHOTO)
Cargo shipments in containers through Port of Baku up
Ukrainian Bees Airline plans to launch flights to Georgian Batumi
Azerbaijan contributed to protection of Christian landmarks worldwide - Azerbaijani Deputy Minister for Culture
Baku-Tbilisi-Ceyhan oil transportation to Turkey up m-o-m
Azerbaijani army firstly to take control of border with Armenia, highland positions in Kalbajar - MoD (PHOTO)
Turkmenistan, Japan have prospects for intensifying mutually beneficial relations
Uzbekistan to study Germany’s experience in renewable energy field
Azerbaijan reveals data on export and import of cotton over 10M2020
Uzbekistan launches legumes exports to Laos for first time ever
Weekly review of Georgian capital markets
Ukrainian refineries get around 138,000 tons of Azeri Light via UkrTransNafta
Azerbaijani Armed Forces units enter Kalbajar (PHOTO/VIDEO)
Revenue of Kazakhstan's KazMunayGas plummet year-on-year
Personnel changes at AccessBank
Kalbajar returned to its true owners - Turkish government
Assembly of new-generation combines starts in Azerbaijan
Azerbaijani currency rates for Nov. 25
Iranian currency rates for November 25
All news