Stocks climbed early on Monday, and then retraced some of their gains over the course of the day.
All three major indices finished in the green to varying degrees.
First up, the scoreboard:
- Dow: 19,885.05, +41.64, (+0.21%)
- S&P 500: 2,262.61, +4.53, (+0.20%)
- Nasdaq: 5,457.44, +20.28, (+0.37%)
- US 10-year yield: 2.536%, -0.061
1. JANET YELLEN: The class of 2016 is entering the strongest job market in nearly a decade. “The short version of what I have to say is that while I expect workers will continue to face some challenges in the coming years, I believe, for two reasons, that the job prospects and career opportunities for new graduates at this time are very good,” she said at the University of Baltimore’s commencement.
2. Barron’s Magazine couldn’t find anyone that thinks the stock market will tank in 2017. Once again, all the analysts were in agreement that “this bull market has legs,” as the headline of the article by Vito Racanelli said.
3. The Turkish lira tumbled after Russia’s ambassador to Turkey was fatally shot in Ankara. The currency was down by 0.8% at 3.5351 per dollar around noon, but has since retraced some of its losses.
4. Service providers expect their workloads to escalate in 2017. The flash purchasing manager’s index (PMI) fell to 53.4 from a November reading of 54.6. Economists had forecast an increase to 55.2.
5. US Treasurys rallied. Buying had yields down close to 7 basis points in the belly of the curve as they pushed to fresh session lows into the noon hour.
6. Disney shares rose after a strong opening weekend for “Rogue One.” Shares of the media titan were higher Monday morning after the latest instalment of the “Star Wars” series, the standalone film “Rogue One,” pulled in a massive $290 million globally in its first weekend of release.