Stocks slipped on the final working day of 2017, but not by nearly enough to cast a shadow on the incredible rally this year.
For the first time, the S&P 500 finished every month of the calendar year with a gain.
Here’s Friday’s scoreboard:
- Dow: 24,719.22, -118.29, (-0.48%).
- S&P 500: 2,673.61, -13.93, (-0.52%).
- Nasdaq: 6,903.39, -46.77, (-0.67%).
And for the final trading day of the year, here’s how various assets were priced on Friday and their annual gain:
- S&P 500: 2,673.61, +19.5% (best year since 2013).
- 10-year yield: 2.45% on January 2 and 2.4% on Friday.
- 30-year yield: 3.06% on January 2 and 2.74% on Friday.
- WTI crude oil: 60.42, +12% (highest level since mid-2015).
- Gold: $US1,305.50, +13% (best year since 2010).
- US dollar index: 91.94, -10% (worst year since 2003).
- Bitcoin: $US14,610.71, +1,401% (as of 3:35 p.m. ET).
- Goldman Sachs expects a $US5 billion hit to profits for the fourth quarter and year because of the new tax law. Two-thirds of that is due to expected changes in repatriation taxes, when funds held overseas are returned.
- Ripple briefly overtook ether as the second-largest cryptocurrency by market cap. Ripple, which focuses on bank transfers, sported gains of more than 40% at one point Friday, propelling it to a record high and a market cap of $US73.65 billion, according to data from CoinMarketCap.com.
A settlement has been reached in the insider-trading case against Bill Ackman’s hedge fund, Pershing Square, and Valeant Pharmaceuticals. “Pershing Square and Valeant have agreed to split the $US290 million total settlement such that Pershing Square will pay $US193.75 million and Valeant will pay $US96.25 million,” Pershing said in a press release.
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