X

Stocks Keep Climbing as Year-End Nears

Dow rises 78
By Newser Editors and Wire Services
Posted Dec 20, 2019 3:11 PM CST
Stocks Keep Climbing as Year-End Nears
In this Dec. 13, 2019, file photo trader John Panin works on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew, File)

(Newser) – Stocks notched broad gains on Wall Street Friday as rising optimism around a "Phase 1" trade deal announced a week ago between the United States and China helped keep pushing stock indexes up. Fears about a possible recession have also faded since the summer after the Federal Reserve cut interest rates three times, and the central bank appears set to keep them low for a long time. The S&5 500 rose 15 points to 3,221; the Dow rose 78 points to 28,455; and the Nasdaq rose 37 points to 8,924.

story continues below

"It's just a benign continuation of the year-end rally based on no compelling reasons to scare people into selling," Tom Martin, senior portfolio manager with Globalt Investments, tells the AP. "You have not a lot of reasons to sell; maybe a few reasons to buy. So it's just a very slow, low volume drift upward." More encouraging data arrived on Friday showing US households continue to spend amid a healthy job market. That is making up for hesitance by businesses to spend, and it's helping to keep the economy growing at a moderate pace.

(Read more stock market stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X