The post-Christmas Stock market is showing very light trading volumes. Amazon led the market up, as the Christmas shopping season broke all records, with the stock gaining more than 4%. It was the commercial giant’s highest close since July 31 after claiming it had its best holiday sales season ever.
For 9 of the past 11 trading days, the Dow Jones Industrial Average posted a post a year-to-date rise of 22.69%. It has gained 0.37% to 28,621.39.
Meanwhile, the S&P 500 SPX gained 0.51% to 3,239.91 for a year-to-date return of 29.24%. After posting a record close for a 10th straight day, the Nasdaq Composite COMP has risen 0.78%, which is a new record.
What’s driving the market after Christmas Holidays?
It is quite typical of Stocks to rise in the last few days each year. The phenomenon is called the Santa Claus rally, which means that funds adjust final year-end positions.
Geng Shuang, Chinese Foreign Ministry spokesman, stated that officials from Washington and Beijing were working on political arrangements for the trade deal’s signing. In his recent US/China Trade war discussion Trump also highlighted the fact that he and China’s leader, Xi Jinping, would hold a signing ceremony for the partial trade resolution in January, 2020.
For now, Stock market traders are focused on the prospects of completing a phase-one U.S.- China trade deal.
What stocks are in focus?
For now, the leading market players are Amazon, Tesla Inc, Tiffany, and Apple.
Tesla Inc., shares rose 1.34% to USD 430.94. Also, the luxury retailer’s Tiffany’s stock sales rose from 1% to 3% compared to last year. Meanwhile, Apple led the Dow up by gaining 1.97% to a record high at USD 289.92.
How are other markets trading?
Oil prices moved to settle at their highest since September 16, 2019. West Texas Intermediate Crude CL00, rose 0.9% to USD 61.69 a barrel.
West Texas Intermediate Crude CL00, +0.26% rose 0.9% to $61.68 a barrel. Gold futures marked the third session of gains in a row as they settled above USD 1,500 an ounce.
Meanwhile, EU stock markets were closed. However, in Asia overnight, stocks were higher. Japan’s Nikkei NIK, rose 0.6%, the China CSI 000300, -0.10% closed up 35 points, and Hong Kong’s Hang Seng HSI, +1.16% was closed.