Stocks wrap up 11 days of gains

The Washington Post Sunday - - MARKETS -

Fri­day.It isn’t For over­the sec­ondtill it’s time over. in Espe­cial­lytwo weeks, ona fi­nal-hour ramp in the Stan­dard & Poor’s 500-stock in­dex turned it green for bulls, with the bench­mark eq­uity gauge jump­ing 6 points in a lit­tle over 30 min­utes to close with a 0.1 per­cent ad­vance and help pre­serve a fifth weekly gain.

“The ma­chines kicked in and brought all the av­er­ages pos­i­tive at the close,” An­drew Bren­ner, head of in­ter­na­tional fixed in­come for Na­tional Al­liance Cap­i­tal Mar­kets, wrote in a note to clients. “We think mar­kets move big time next week off the Trump speech Tues­day.”

The bench­mark in­dex ended the week at a record 2,367.34, while the Dow Jones in­dus­trial av­er­age added 198 points in the five days to end at 20,821.76 af­ter an 11-ses­sion climb, tied for the longest since 1987.

The post-elec­tion rally in U.S. stocks con­tin­ued for a fifth week, although at a dif­fer­ent tem­per­a­ture. Ear­lier leaders of the so-called “Trump trade,” en­ergy stocks and banks, sur­ren­dered lead­er­ship to more typ­i­cal de­fen­sive com­pa­nies, from util­i­ties to con­sumer sta­ples mak­ers.

The U.S. Trea­sury will sell $34 bil­lion in three-month bills and $28 bil­lion in six­month bills Mon­day. They yielded 0.5 per­cent and 0.66 per­cent in when- is­sued trad­ing. It will also sell four-week bills and $20 bil­lion in 52-week bills Tues­day.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.