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Published: Fri, December 23, 2016
Economy | By Melissa Porter

Futures point to flat Wall Street open as host of data eyed

Futures point to flat Wall Street open as host of data eyed

On rather low volume, thanks to the re-holiday liquidity drain, the financial markets in the United States moved higher as the Dow Jones Industrial Average continues to march towards 20,000.

"The market has been rallying since the election and these minor pauses are welcome and necessary as traders take some profit".

The Nasdaq Composite .IXIC dropped 0.36 percent to 5,451.49. The Dow, first calculated in 1896, hit 10,000 in 1999. Visit MarketWatch.com for more information on this news.

S&P 500 e-minis were down 2.25 points, or 0.1 percent, with 45,914 contracts traded. Meanwhile, the final read on third-quarter U.S. GDP came in at 3.5 percent, above the expected 3.2 percent.

The Dow was 33 points lower at 19,942.

The Nasdaq composite gained 23 points or 0.4 percent to 5,481.

Benchmark U.S. crude gained 0.9% to $52.97 a barrel in NY and Brent crude, the worldwide standard, rose 1% to $55.02 a barrel in London. General Mills fell 3 percent after it cut its sales outlook for the rest of the year.

Advancing issues outnumbered declining ones on the NYSE by a 1.13-to-1 ratio; on Nasdaq, a 1.23-to-1 ratio favored decliners.

"Based on his previous remarks it is reasonable to assume that the relationship between the US and China will be completely different under Trump's presidency, which may have serious implications for the markets due to potentially significant changes in global trade policies and geopolitical risk".

U.S. Treasury yields edged up slightly after the GDP data, and as investors prepared for new Treasury supply next week.

When calculated out, that company's stock spike accounts for about 24 percent of all the headline-grabbing gains seen in the Dow since Trump was elected.

The Swedish crown rose 1.4 per cent against the dollar, its biggest one-day gain in six months, to 9.21 crowns after the Riksbank narrowly voted to add to its bond-buying programme.

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