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Many Wall Street traders rallying for the year-end boost may be disappointed as stocks inch for a modest increase last Friday. The increase has hardly made a scene in the market, far from what traders call ”Santa Claus rallies”. The gains were mostly from the health company sector.
Primary U.S. indexes show that while many retailers continue to incur small losses, pharmaceutical and health care companies continue to thrive this upcoming holiday season. Energy companies have started incurring their weekly losses since November. Although, the DJIA (Dow Jones Industrial Average) has increased for the past seven consecutive weeks.
Lockheed Martin, defense contractor stocks’ has decreased about 6 percent this month, attributing the incident to President-elect Donald Trump’s tweet regarding the company’s expensive F-35 fighter jet deal, asking Boeing to price out a F-18 comparable deal. Lockheed reported 20 percent of its last year’s revenue from this contract.
Trump has also made similar remarks to Boeing, criticizing the company for the cost of new Air Force One. However, unlike Lockheed Boeing stocks were only slightly affected.
According to Seaport Global analyst Josh Sullivan, these rants are part of Trump’s negotiating strategy. And despite his continuous negative public remarks regarding various companies, investors still have their hopes up about the opportunities the new administration has to offer.
The Standard & Poor’s 500 index increased by 0.1 percent or 2.83 points. The DJIA gained 0.1 percent or 14.93 points and the Nasdaq Composite increases 0.3 percent or 15.7 points. Small company stocks also performed better than expected as the Russel 2000 reached 0.6 percent increase or 8.85 points.
The selling price of gold rose increased to $1,133.60 from $2.90 per ounce. Silver on the other hand, decreased 11 cents closing its price at $15.76 per ounce. Copper lost 2 cents, ending at $2.48 a gallon.
Natural gas prices are continuously increasing as businesses expect high demand for home heating due to the anticipated cold weather. Natural gas has increased up to 3.5 percent, which convert to $3.66 for every 1000 cubic feet. Heating oil prices stood still at $2.48 per gallon, while wholesale gasoline increased 2 cents per gallon, which is equivalent to 1.63 a gallon.
The US Dollar lost 34 cents against the Japanese Yen, from 117.60 yen to 117.26 yen. The Euro increased from $1.0433 to $1.0452. Bond prices increased, while revenues from the 10-year Treasury note slid from 2.55 percent to 2.54 percent.