We saw the worst Christmas Eve market performance in history on Monday and the markets were closed yesterday for the Christmas holiday. But Wall Street reminded investors today that buyers do come in to the markets in oversold conditions. The major indices saw one of its best single days to the upside in todays’ trade with the Dow Jones melting up and closing over 1000 points higher. In economic news this morning, retail had its best holiday season in 6 years and the Home Price Index is showing 5% growth year over year. At the end of the day, we saw record numbers for the day with the Nasdaq closing 6% higher and the SP500 and Dow Jones both higher by nearly 5%.
DOW +1086 at 22878
SP500 +116 at 2467
NASDAQ +361 at 6554
The 10 Year Treasury yield closed up 5 basis points yielding 2.79%
Oil prices closed +4.08 at 46.61 a barrel, posting over an 8% gain for the day
Gold prices closed -2.20 at 1269.60 an ounce
In the days’ stock news:
- Walmart, Target and Macy’s were on watch today, following the holiday numbers that were the best in 6 years. Mastercard reported a 5.1% increase in US retails sales between November 1 and December 24.
- A research report from Baird pointed to the “Triple A” stocks, Activision Blizzard, Amazon.com and Alphabet, as good bets for a rebound following the recent tumble in those stocks.
- Intel received a $185 million grant from the Israeli government in return for a $5 billion expansion of its chip making operations in Israel. INTC closed +2.60 at 46.19.
- Amazon claimed a record breaking holiday season as it sold a record number of items this year. The company is seeking to beat the weak outlook for the 4Q. AMZN closed up over 9% at 1470.90.