Stocks started the trading year off on a strong note before losing some of the gains during Tuesday’s session. The major indexes ultimately ended higher.
Crude oil rallied to an 18-month high as OPEC began implementing its deal to cut production. However, amid dollar strength, oil also lost its early gains.
Here’s the scoreboard:
- Dow: 9,862.94, +100.34, (0.51%)
- S&P 500: 2,256.04, +17.21, (0.77%)
- Nasdaq: 5,425.18, +42.06, (0.78%)
- 10-year yield: 2.45%, +0.018
- WTI crude oil: $52.33/bbl, -1.39, (-2.59%)
- Ford said it would cancel plans for a new $1.6 billion plant in Mexico, and will instead invest $700 million in Michigan. CEO Mark Fields said it was not a deal with President-elect Donald Trump, who had been critical of the company. The peso fell.
- Trump sent out a tweet threatening to tax General Motors for manufacturing abroad. GM said most of the Chevy Cruze vehicles in question, sold in the US, were manufactured in Ohio.
- US manufacturing ended 2016 on a strong note, according to two surveys of the industry. The December purchasing manager’s indexes from the Institute of Supply Management and Markit Economics topped expectations.
- Trump named veteran steel industry trade lawyer Robert Lighthizer as US trade representative. Lighthizer is a harsh critic of China’s trade practices.
- The DoubleLine Total Return Bond Fund partly run by Jeffrey Gundlach posted a net outflow of $3.5 billion in December, its biggest one-month outflow ever. That was according to data from research firm Morningstar.