Stocks posted another day in the green with a boost from the summary of the Federal Reserve’s latest meeting in December that reiterated comments from the central bank’s chairman last week about patience regarding monetary policy. There is also optimism over trade negotiations as mid-level officials from the US and China concluded today with positive feedback. The recent tone on trade has helped boost stocks to its fourth straight day of gains. At the end of the day, the major indices closed in the green across the board:
DOW +91 at 23879
SP500 +10 at 2584
NASDAQ +60 at 6957
The 10 Year Treasury yield closed up 1 basis point to yield 2.72%
Oil prices closed +2.49 at 52.27 a barrel
Gold prices closed +8.40 at 1294.30 an ounce
In the days’ stock news:
- Caterpillar rose on positive sentiment from trade talks as it is considered a bellweather for trade between the two countries. CAT closed up .50 for the day.
- Constellation Brands traded lower today after the company reported better than expected 3Q earnings but lowered its fiscal 2019 outlook due to its $4 billion investment in Canopy Growth and an expected weakness in its wine and spirits business. STZ closed over 12%.
- Homebuilder, Lennar, surged after the Federal Reserve signaled slower 2019 interest rate hikes, easing pressure on mortgage levels. The company reported a better than feared sales miss and investors were encouraged on the company conference call by comments about lower interest rates and a pickup in housing. LEN closed over 7% at 46.29.