U.S. Stocks Advance After Holiday as Tech, Consumer Shares Rally

Will the Rally in U.S. Stocks Carry Over Into 2017?

U.S. stocks climbed in slow post-holiday trading as technology companies advanced and consumer shares rallied following the release of economic data on consumer confidence.

The S&P 500 Index added 0.2 percent to 2,268.88, as volatility increased and the dollar strengthened. The benchmark gauge ended the session within 0.1 percent of its record closing level on Dec. 13, while the Dow Industrial Index flirted with the elusive 20,000 level, rising 11 points to 19,945.04.

  • Trading volume in the S&P 500 and Dow was about half the 30-day average
    • Elevated trading in Nvidia, Mattel, Viacom, Bed Bath and Beyond
  • Energy shares rose 0.2% with oil up 1.7%
  • Tech stocks rally 0.5%, with Nvidia, First Solar leading with gains of at least 4.2%
  • VIX up 4.8% while still on track for a second monthly slump
  • S&P 500 is poised for its first annual advance since 2014, rallying 11%
  • Data out Tuesday:
    • An index of consumer confidence in December advanced to 113.7 from 109.4 in the prior month; median estimate was 109, according to a survey by Bloomberg
    • Home prices in 20 U.S. cities maintained a steady pace of increases in October, up 5.1%
  • Strategists expect the S&P 500 to end 2017 at 2,356, according to the mean of 15 estimates compiled by Bloomberg, implying a 3.8% gain from Tuesday’s close

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— With assistance by Joseph Ciolli

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