Stocks opened little changed on Wednesday as everyone watched whether it would finally be the day the Dow hits the 20,000 mark.
But then all three major indices dropped later in the morning and ultimately finished in the red.
First up, the scoreboard:
- Dow: 19,956.66, -17.96, (-0.09%)
- S&P500: 2,267.03, -3.74, (-0.16%)
- Nasdaq: 5,475.13, -8.75, (-0.16%)
- US 1o-year yield: 2.542%, -0.026
1. The Dow is nearing 20,000. Hitting that milestone in the next few days would mark the fastest 1,000-point move for the Dow ever. That would be one more anecdote of the fierce rally that followed the election of President-elect Donald Trump, as investors turned bullish on his promises to cut corporate taxes and ease regulations.
2. The S&P 500 hasn’t been this boring since 1992. According to Bespoke Investment Group, the trading range for the S&P 500 — the difference from the highest and lowest point that the index traded on Wednesday — hasn’t been this tight for a day of trading in nearly 24 years.
3. Existing home sales rose to their best level since the financial crisis. Sales increased by 0.7% at a seasonally adjusted annual rate of 5.61 million, according to the National Association of Realtors. Sales spiked in the Northeast, where slower price growth made it easier for buyers to close deals, according to the NAR.
4. GOLDMAN SACHS: The Fed may ruin one of Trump’s biggest plans for the economy. Charles Himmelberg and James Weldon, analysts at Goldman Sachs, think Fed Chair Janet Yellen’s comments at the Fed’s December meeting appear to signal a “Yellen Call” that will dampen the financial and economic impact of any large-scale infrastructure plan.
5. JACK BOGLE: “Main Street hasn’t been taking its fair share.” Business Insider’s Rachael Levy caught up with Bogle to talk about the future of the rule, index investing, and the shift in power from Wall Street to Main Street.