Wall Street Strategies
Hello! Sign in or Register


Afternoon Note

Market Rally

By Charles Payne, CEO & Principal Analyst
12/16/2019 1:41 PM

All three major indices started the week with solid gains. A 4% decline in Boeing (BA) weighed on the Dow, but that didn’t stop the index from hitting a new intraday high. The Dow is up 0.6%, the S&P gained 0.8% and the Nasdaq jumped 1%.

Technology is one of the best performing sectors in the S&P 500, led by Western Digital (WDC) and Micron Technology (MU), which were upgraded to a Buy at Susquehanna.

Health Care is the best performing sector and is getting a boost from Politico, which reported that lawmakers reached an agreement to eliminate taxes on pricey employer-provided health plans, medical devices and a health insurance fee.

Energy is also one of the best performing sector, with oil up 0.30% or $60.25.

S&P 500 Index

+0.80%

 

Communication Services (XLC)

+0.86%

 

Consumer Discretionary (XLY)

+0.63%

 

Consumer Staples (XLP)

+0.53%

 

Energy (XLE)

+1.39%

 

Financials (XLF)

+0.80%

 

Health Care (XLV)

+1.41%

 

Industrials (XLI)

+0.10%

 

Materials (XLB)

+0.64%

 

Real Estate (XLRE)

 

-0.03%

Technology (XLK)

+1.13%

 

Utilities (XLU)

+0.52%

 

Home Builder Confidence

NAHB came in better than expected at 76, the biggest monthly increase since the end of 2017, and the November figure was revised higher. The current sales conditions jumped to 84 in December and prospective buyer interest jumped to 58.

The latest reading confirms that low mortgage rates are stimulating appetite among home buyers. "Builders are continuing to see the housing rebound that began in the spring, supported by a low supply of existing homes, low mortgage rates and a strong labor market," NAHB Chair Greg Ugalde said.


Comments
I love waking up to Charles comments and insight. He brings everything down to a simple understandable level. thank you Mr. Payne. John from Annapolis Maryland

John Dennstaedt on 12/17/2019 8:38:18 AM
Thank you John for your kind words.† CP

Charles Payne on 12/17/2019 9:06:16 AM
 

Add Your Comment


Submitted comments are subject to moderation before posting.


Home | Products & Services | Education | In The Media | Help | About Us |
Disclaimer | Privacy Policy | Terms of Use |
All Rights Reserved.