Nasdaq winning streak ends while the Dow closes out on a high
- The Nasdaq snapped an 11-day streak of gains on Friday after some late-session weakness, but the S&P 500 and the Dow scratched out record closing highs with slight gains as a year-end rally chugged along.
With only two trading days left for the year, the benchmark S&P 500 has climbed more than 29% so far in 2019, its biggest annual percentage gain since 2013. Trading volume has been thin during the holiday-shortened week and could continue to be sparse through the New Year’s holiday on Wednesday. “There has been such strong gains for the year that I think that until the fresh money comes in after year-end for new contributions to IRAs and other retirement accounts to start the year, I just don’t think there is a lot of push to drive this too much higher,” Meckler said.
Investor expectations that the United States and China will soon sign a Phase 1 trade deal has added momentum to the stock market heading into 2020.
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