Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Overnight Markets: Dow Jones climbs to record on Walt Disney

Overnight Markets: Dow Jones climbs to record on Walt Disney

US stocks closed mostly flat on Monday, with the Dow Jones Industrial Average reaching an all-time closing high and heading towards its biggest annual gain since 1996, as Walt Disney Co. led a rally in consumer shares.

The Dow Jones industrial average gained 26 points, or 0.16%, to end at 16,504, a record close. The Standard & Poor's 500 Index closed little changed at 1,841. The Nasdaq Composite Index fell two points, or 0.06%, to close at 4,154. The US stock market will be closed on Wednesday for New Year's Day.

The S&P 500 has soared 29.1% this year and is on track for its best year since 1997, powered largely by the Federal Reserve’s stimulus measures. The Dow has jumped 25.9% and the Nasdaq has surged 37.6% this year.

In economic data, the National Association of Realtors said its pending home sales index, based on contracts signed last month, rose 0.2% in November, below expectations of a 1% rise.

In corporate news, Twitter Inc (TWTR.N), among the most actively traded stocks on the New York Stock Exchange, continued its dive on Monday, falling 5.1%.

Facebook Inc. (FB.O) was the S&P 500's second-worst performer. The stock fell 3.12%.

Consumer-discretionary shares had the largest advance. Walt Disney Co (DIS.N) surged 2.5% and ranked as the best performer in both the Dow and the S&P 500 after Guggenheim raised its rating on the media conglomerate's stock to "buy" from "neutral" and raised its target price to $87.

Shares of Crocs Inc (CROX.O) shot up 21.1% following news that private equity firm Blackstone Group LP (BX.N) was investing $200 million in a 13% stake in the shoemaker.

Cooper Tire & Rubber Co (CTB.N) was up 5.4% after the company said it was not going ahead with a $2.5 billion merger with India's Apollo Tyres Ltd (APLO.NS).

Trina Solar Ltd (TSL.N) climbed 6.5% after the company signed an agreement to develop a solar power plant in China.

Energy producers fell with Pioneer Natural Resources Co. sliding 3.1%, while Tesoro Corp. decreased 1.4%. Exxon Mobil Corp. lost 1.2% and Chevron Corp. slipped 0.8%.

In Asia, shares outside Japan gained on Tuesday as consumer and utilities companies advanced.

The MSCI Asia Pacific excluding Japan Index climbed 0.2% to 468 as of 1:01 p.m. in Hong Kong. Australia’s S&P/ASX 200 Index slid 0.1%, paring this year’s advance to 15%. Hong Kong’s Hang Seng Index rose 0.3%, extending its 2013 advance to 2.9%.

Taiwan’s Taiex Index fell 0.2%. New Zealand’s NZX 50 Index slid 0.7%, paring this year’s advance to 16%. India’s S&P BSE Sensex Index gained 0.3%, having reached a record high this month and risen 9.1% in 2013.

Markets in Japan, South Korea, Indonesia, Thailand, the Philippines and Vietnam are closed.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Wealth Manager Retreat 2017: size isn't everything

Wealth Manager Retreat 2017: size isn't everything

We asked our delegates at the Wealth Manager Retreat what they think about the recent wave of consolidation in the industry.

1 Comment Play CIO Tapes - part 3: 'passive funds are anti-capitalist'

CIO Tapes - part 3: 'passive funds are anti-capitalist'

Citywire recently gathered three of the UK's leading fund investment heads to discuss their hopes, fears and the issues that their jobs throw at them daily.

Play CIO Tapes: do investors have it as good as it gets?

CIO Tapes: do investors have it as good as it gets?

Citywire gathered three of the UK's leading fund investment heads to discuss what they fear and what makes them cheer about the year ahead

Read More
Your Business: Cover Star Club

Profile: Rathbone's Newcastle boss on the road to £1bn

Profile: Rathbone's Newcastle boss on the road to £1bn

Starting from zero assets on day one, Rathbone's Newcastle team now looks after just over £400 million in clients money

Wealth Manager on Twitter