US STOCKS-Wall St idle near record levels in Christmas Eve trade

US STOCKS-Wall St idle near record levels in Christmas Eve trade

Ahead of the Christmas break, Wall Street hovered near record highs on Tuesday as investors paused after a rally that was fueled by improving U.S.-China trade relations and optimism about the health of the domestic economy.

The Nasdaq hit an all-time high, while the Dow Industrials and the S&P 500 and were just shy of the record closing highs from Monday.

President Donald Trump further fanned hopes of a trade truce over the weekend by saying the two countries would sign a Phase 1 deal in a very short period of time.

Mark Heppenstall at Penn Mutual Asset management in Horsham, Pennsylvania noted: “The mood is a little choppier today than in recent days, but the recent rally has been pretty fast and furious.”

“In all likelihood, markets are just taking a little breather,” he said. “There is little bit of a panic buying in the markets, which is the exact opposite of what was happening at this point last year.”

The benchmark S&P 500 index is poised for its best year since 2013, in sharp contrast to the same period last year when the market was at the tail end of a severe swoon that saw the index come close to confirming a bear market.

At 11:11 a.m. ET, the Nasdaq Composite was up 3.54 points, or 0.04%, at 8,949.19, the Dow Jones Industrial Average was down 19.94 points, or 0.07%, at 28,531.49. The S&P 500 was down 0.36 points, or 0.01%, at 3,223.65.

As traders settle in for the holidays, volumes are expected to be thin this week. The main U.S. stock exchanges will close at 1 p.m. ET on Tuesday and remain shut on Wednesday.

Out of 11 major S&P sectors, four were in the red, with losses in industrials shares weighing the most.

Among stocks, shares of Uber rose by more than 1% after the company said founder and former Chief Executive Officer Travis Kalanick will resign from the board by the end of the year.

Advancing issues outnumbered decliners by a 1.32-to-1 ratio on the NYSE and by a 1.17-to-1 ratio on the Nasdaq.

The Nasdaq recorded 61 new highs and 21 new lows, while the S&P index recorded 16 new 52-week highs and no new lows.

Capital markets, shares, stocks, and equity, etc. are covered by Jose . He applies his learned knowledge, and acquired skill from years of experience, to put out articles which are worth their length in gold. These pieces of writing encompass all major developments in markets, increase or decrease of tariffs, and the effect of each such deduction and increment in the economy of the nation. This in turn, shows the trajectory of the economy, and completes the whole of the Square Business News legacy!

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