Stocks continued their roller coaster week on Wall Street with swings throughout the day from negative to positive multiple times. Looking back at the week, Monday posted the worst Christmas Eve performance in history, followed by Wednesday’s 1080 point gain and we saw the Dow reverse an over 600 point loss to close 260 points higher yesterday which was the greatest intraday reversal in over a decade. It is a light volume week as we head into the final day of 2018 and so any buying or selling has a large impact on the markets. Investors continue to focus on the key issues as we head into the New Year, to include interest rate hikes, the overall health of the US economy, the possibility of a global slowdown, trade tensions with China and the political landscape of course. At the end of the day, the major indices fought their way through a volatile week and closed the day slightly lower:
DOW -77 at 23061
SP500 -3 at 2485
NASDAQ +5 at 6584
The 10 Year Treasury yield closed down 7 basis points to yield 2.73%
Oil prices closed +.65 at 45.26 a barrel
Gold prices closed +1.10 at 1282.20 an ounce
In the days’ stock news:
- Lockheed Martin was awarded a $712 million defense contract to develop advanced hardware for the F-35 Lightning II aircraft. LMT closed +1.42 at 261.21.
- D.A. Davidson reiterated its “buy” recommendation on Apple, with a price target of $280. AAPL closed +.08 at 156.23.
- Amazon.com and Walmart could be impacted by new restrictions on foreign e-commerce companies operating in India.