Market Roundup: Strong Week for Markets Keeps New Year Momentum High

Published: Jan. 16, 2018, 2:02 p.m.

The S+P 500 Index and NASDAQ composite kicked off the week closing at new record highs on Monday, while the Dow Jones Industrial Average closed fractionally lower for the session. The market moves were mixed on light economic news. From a sector perspective, the Utilities, Energy, and Basic Materials were among the advancers while the Healthcare and Financial sectors lost ground. West Texas Intermediate crude ticked up, settling at $61.52 a barrel. Indices closed at new record levels on Tuesday as shares of banks and healthcare companies drove the S+P 500 higher. Indices closed in the red on Wednesday, with the S+P 500 pulled lower by declines in the Real Estate and Utilities sectors. In economic news, the Wholesale Trade release showed inventories increased well above estimates for November. Wholesale sales were also strong, bringing down the inventory-to-sales ratio. All-time record highs were seen again on Thursday with a surge in Energy stocks. The markets also saw a sell-off in Treasury bonds on Thursday. Producer prices also cooled in December according to the Bureau of Labor Statistics. However, the final for 2017 showed demand rose 2.7% compared with a 1.7% increase in 2016. Indices closed at new record levels on Friday, ahead of the three-day weekend. Meanwhile, economic data provided a positive view of business conditions. The Retail Sales indicated that December’s holiday sales turned in their best gain in seven years. Furthermore, the Consumer Price Index headline number for December came in tame, but the core rate of inflation was higher than expected.