Gains in technology shares sent the Nasdaq Composite Index above 9,000 for the first time. Gold advanced and the dollar drifted lower in holiday-thinned trading.
Amazon.com Inc. was among the top equity performers after the e-commerce giant reported a “record breaking” holiday season. Ten-year Treasury yields fluctuated around 1.9 per cent while the dollar slipped versus major peers as U.S. jobless claims data came in close to expectations. The Japanese yen headed for its biggest drop in two weeks.
European markets remained shuttered. Shares ended higher in Tokyo, Shanghai and Seoul, while exchanges were closed in Hong Kong and Sydney.
Investors are pushing the US$51 trillion MSCI ACWI Index of global stocks toward a more-than eight per cent dvance in the final three months of the year, a quarterly performance only bettered a handful of times in the past decade. As traders digest data showing strong consumer confidence, attention now turns to January, when they’ll look for the U.S. and China to consummate a phase-one trade agreement.
“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.”
In China, the overnight repo rate fell to the lowest level since 2009 Thursday in wake of recent liquidity injections by the central bank.
Elsewhere, the pound rose for a third session. Crude oil climbed above US$61 a barrel in New York. Gold advanced beyond US$1,500 an ounce, having increased every session this week.
Here are some events that may be of interest this week:
Japan retail sales and industrial production are scheduled for Friday.
And here are some of the major market moves:
Stocks
- The S&P 500 Index gained 0.5 per cent at the close of trading in New York; the Nasdaq added 0.8 per cent.
- The MSCI Asia Pacific Index rose 0.2 per cent.
- The MSCI All-Country World Index added 0.3 per cent.
Currencies
- The Bloomberg Dollar Spot Index dipped 0.2 per cent.
- The British pound increased 0.3 per cent to US$1.3002.
- The euro rose 0.1 per cent to US$1.11.
- The Japanese yen weakened 0.2 per cent to 109.64 per dollar.
Bonds
- The yield on 10-year Treasuries slipped one basis point to 1.89 per cent.
- The yield on two-year Treasuries rose one basis point to 1.63 per cent.
Commodities
- West Texas Intermediate crude futures increased 0.9 per cent to US$61.63 a barrel.
- Gold gained 0.8 per cent to US$1,511.58 an ounce.
–With assistance from Christopher Anstey and Todd White.
