Nasdaq Clears 7,000
MARKET SUMMARY
U.S. markets showed continued upside momentum on prospects of a tax reform bill being passed and signed into law before the Christmas holiday. The Nasdaq traded above the 7,000 level to another record high after jumping 0.8% while the Dow moved closer to the 25,000 level after rising 0.6%.The S&P 500 added 0.5% and came within five points of clearing the 2,700 level on its 62nd record close of the year.
Meanwhile, the Russell 2000 rallied 1.2% but fell shy of setting a fresh record high by seven points just south of 1,560.
TRADE OF THE DAY
TOLERATING UNCERTAINTY
ANALYST UPGRADES / DOWNGRADES
Akamai (AKAM) upgraded to Outperform from Neutral at Credit Suisse
Costco (COST) upgraded to Outperform from Market Perform at BMO Capital
Twitter (TWTR) upgraded to Overweight from Neutral at JPMorgan
CSX (CSX) downgraded to Hold from Buy at TD Securities
Euronet (EEFT) downgraded to Market Perform from Outperform at William Blair
Oclaro (OCLR) downgraded to Hold from Buy at Needham
EARNINGS
Tuesday's scheduled earnings include:
Carnival (CCL), Darden Restaurants (DRI), FactSet Research Systems (FDS), FedEx (FDX), Micron Technology (MU), Navistar International (NAV), Red Hat (RHT), ReneSola (SOL), Rev Group (REVG), Steelcase (SCS), Stitch Fix (SFIX), Worthington Industries (WOR)
UPCOMING ECONOMIC NEWS
Tuesday's economic reports (EST):
Housing Starts - 8:30am
Current Starts - 8:30am
Redbook - 8:55am
METALS / OIL
Gold closed at $1,265.50 an ounce, up $8.00
Silver settled at $16.20 an ounce, up $0.14
Copper finished at $3.15 a pound, up $0.02
Crude Oil closed at $57.21 a barrel, down $0.18
ARTICLE OF THE DAY
Bear PUT Spreads
A bear put spread is a debit spread created by purchasing higher strike puts and selling lower strike puts with the same expiration dates. [read more]
Make it a great day!
Todd Mitchell
QUOTE OF THE DAY
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