The major index futures suggest a lackluster performance in the final session of the year. Volume is expected to remain anemic leading up to the long weekend due to the New Year holiday on Monday. The bond market will close early today. The only piece of economic news of any significance is the release of results from a regional manufacturing survey shortly after the market opens.
The S&P 500 Index is within 14 points of reaching a record close. If heavily weighted tech stocks manage to grind higher, the index could breach its all-time high of 4,796.56. Regardless of Friday’s outcome, the S&P 500 is on track to end with a robust gain of about 25%.
Cues From Thursday's Trading:
Stocks closed Thursday’s session on a mixed note as traders digested a report that showed an increase in weekly jobless claims. The major averages opened higher and stayed above the unchanged line for much of the session. Sentiment remained subdued throughout the day amid lighter-than-average trading volume.
The S&P 500 Index took a step towards its record high, extending its winning streak to five straight sessions, while the tech-heavy Nasdaq Composite snapped a four-session winning streak, settling marginally lower.
Utilities and real estate stocks were among the biggest gainers in the session, while energy stocks experienced the most significant pullback.
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