Markets

Tech Gains Boost Nasdaq To Record High

Tech Gains Boost Nasdaq To Record High

In an historic day, fueled by gains in tech shares, the Nasdaq Composite Index moved past 9,000 for the first time, Bloomberg reported.

The new Nasdaq record is attributed to key performers, including Amazon, as the online commerce juggernaut reported their 2019 holiday sales broke previous records.

European markets were still closed for Christmas. Exchanges were dark in Hong Kong and Sydney, as well, but shares in Tokyo, Shanghai and Seoul ended higher.

The U.S. dollar diminished against global currency peers in a slower holiday week, but gold advanced. Ten-year Treasury yields remained around 1.9 percent.

The pound was higher for the third straight session as crude oil moved to over $61 a barrel. Continuing its consistent holiday week advance, gold moved past $1,500 an ounce.

Investors have driven global stocks in the $51 trillion MSCI ACWI Index to a higher than 8 percent advance in the fourth quarter of 2019.

With solid data confirming consumer confidence, analysis is now focused on January 2020, with traders waiting for the U.S. and China to complete the first phase of a highly anticipated trade deal.

“The consumer continues to be shown as the supporting pillar,” said Tim Courtney, chief investment officer at Exencial Wealth Advisors. “They’re continuing to spend, and they’re not cutting back.”

Historic holiday week by the numbers:

  • The S&P 500 Index increased 0.5 percent
  • The MSCI Asia Pacific Index rose 0.2 percent
  • The MSCI All-Country World Index improved 0.3 percent
  • The Bloomberg Dollar Spot Index slid 0.2 percent
  • The British pound increased 0.3 percent to $1.3002
  • The euro rose 0.1 percent to $1.11.
  • The Japanese yen wobbled 0.2 percent to 109.64 per dollar.
  • Ten-year Treasuries dropped one basis point to 1.89 percent
  • Two-year Treasuries rose one basis point to 1.63 percent
  • West Texas Intermediate crude futures added 0.9 percent to $61.63 a barrel
  • Gold gained 0.8 percent to $1,511.58 an ounce

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