Markets / Commentaries
Stock Market Today: December 11, 2017
William G. Ferguson | 12/11/2017
It was a tale of two halves on Wall Street last week. The major U.S equity indexes started the week with three-consecutive bearish sessions, as the Dow Jones Industrial Average traded lower through Wednesday. The main culprit were concerns that there may be some difficulty for the Republican-led House of Representatives and the Senate in reconciling the differences of their tax bills and crafting a unified version for President Trump to sign into law by year’s end. Likewise, but less concerning to some investors, were worries that lawmakers in Washington D.C. would fail to work out an agreement to raise the debt ceiling and it would result in a government shutdown.
Markets / CommentariesStock Market Today: December 8, 2017
Harvey S. Katz, CFA, Mario Ferro, and Robert Harrington | 12/08/2017
An upbeat November jobs report propelled the bulls on Friday, with each of the three major indexes registering strong full-day gains. As per the U.S. Bureau of Labor Statistics, it reported nonfarm payrolls had increased 228,000 positions last month, beating expectations. The average hourly wages grew slightly, while the unemployment rate remained by its 17-year low of 4.1%. This set the stage for a mostly uninterrupted rally to close the week.
Markets / CommentariesStock Market Today: December 7, 2017
Harvey S. Katz, CFA, William G. Ferguson, and Adam Rosner | 12/07/2017
Equities moved nicely higher this morning, pulled back around noon, but managed to firm up selectively late in the session. At the end of trading, the Dow Jones Industrial Average was up 71 points; the broader S&P 500 Index was ahead eight points; and the NASDAQ was higher by 36 points. Market breadth was supportive, as advancers outpaced decliners on the NYSE.
Markets / CommentariesStock Market Today: December 6, 2017
Harvey S. Katz, CFA, Robert Mitkowski, and Robert Harrington | 12/06/2017
The major U.S. indexes were up-and-down early on Wednesday, before each settled into range-bound paths that persisted through most of the final hours. The NASDAQ 100 continued to recover from its trying open to the week and outperformed its blue chip and broad-based counterparts. The Dow struggled to remain above its breakeven line and saw more selling pressure in the final hour of trading. The S&P 500 was a little more resilient, while the small-cap Russell 2000 traded firmly in the red for most of the day.
Markets / CommentariesStock Market Today: December 5, 2017
Harvey S. Katz, CFA, Adam Rosner, and Robert Harrington | 12/05/2017
After posting selective gains through most of the morning hours, the market adopted a negative tone during the second half of Tuesday’s trading. The primary factor at play remains the Senate’s recently approved tax reform bill, which sent the Dow and S&P 500 to all-time highs early in the week. Since yesterday’s opening bell, however, investors appear to be taking advantage of the elevated valuations as the specifics of the proposal are digested.
Markets / CommentariesStock Market Today: December 4, 2017
William G. Ferguson and Adam Rosner | 12/04/2017
The stock market put in a mixed performance today, as we headed into a new week on Wall Street. At the close of trading, the Dow Jones Industrial Average was ahead 58 points; the broader S&P 500 Index was off a few points; and the NASDAQ was lower by 72 points. Market breadth showed a divided session, as winners were about even with losers on the NYSE.
Markets / CommentariesStock Market Today: December 1, 2017
Harvey S. Katz, CFA and Robert Harrington | 12/01/2017
The major U.S. indexes spent Friday afternoon recovering from their midday plunge, which occurred after it was reported that former National Security head Michael Flynn admitted to the FBI that the Trump Administration directed him to communicate with a Russian envoy. The late-morning news sent the Dow, S&P 500, and NASDAQ 100, which were all mixed in the opening hours, steeply lower. The small-cap Russell 2000 composite also registered a significant drop. As it relates to the stock market, investors are wary that increased focus on this investigation will distract from key economic policies, such as tax reform, which was the other major factor influencing today’s trading.
Markets / CommentariesStock Market Today: November 30, 2017
Harvey S. Katz, CFA and Adam Rosner | 11/30/2017
The stock market delivered a strong performance today, with traders seeming to be more confident that the Trump Administration’s tax plan will be approved. At the close of trading, the Dow Jones Industrial Average was ahead 332 points; the broader S&P 500 Index was up 21 points; and the NASDAQ was higher by 50 points.
Markets / CommentariesThe Beige Book Suggests More Of The Same in November 2017
Harvey S. Katz, CFA | 11/29/2017
The Federal Reserve, in its Beige Book economic summation, released at 2:00 PM EST suggested that economic activity was continuing to increase at a modest-to-moderate pace across the country, although there had been slight improvement in the outlook in recent weeks. The Beige Book is a Federal Reserve System publication of current economic conditions across the 12 Federal Reserve Districts.