Market Watch: Wall St. Begins Shortened Week on Up Note

The Christmas shortened trading week on Wall Street began on an up note as the markets tried to stave off the massive losing streak from last week. Both the S&P 500 and Dow Jones industrial average are still negative year-to-date, down more than 1.5 percent and 3 percent.  The energy sector and specifically the cost of oil kept the attention of many investors for much of the day. The price for a barrel of crude settled down 25 cents at $35.81. Pavel Molchanov, energy analyst at Raymond James.

“It’s not like oil is directly responsible for why stocks dropped last week. The market is clearly concerned about global economic fundamentals. I expect oil to recover to around $60 a barrel in the second half of next year.”

According to the Fall 2015 CNBC Millionaire Survey-

Less than half of millionaires (46 percent) believe the S&P 500 will be up by 5 percent to 10 percent next year, representing a slight decline from the Spring 2015 survey. But significantly more millionaires think the S&P will be flat in 2016: 25 percent vs. 17 percent last spring. America’s rich have a sober outlook on the U.S. economy headed into 2016, with more millionaires assuming another year with a flat S&P 500 index leading to a lower personal rate of return and a majority belief among millionaires that household income will remain the same.

See more on CNBC’s Millionaire Survey below.

Here are the final numbers from Monday, 12/21/15 on Wall Street:

Dow Jones Industrial Average: 17, 251.42 (+122.87/ +0.72%)

NASDAQ: 4,968.92 (+45.84 / +0.93%)

S&P 500: 2,021.15 (+15.60 / +0.78%)

Phil Cannella

Phil Cannella

As a partner with CBS Radio in Philadelphia, Phil Cannella reports on the issues most important to the American retiree.
Phil Cannella
- 22 hours ago
Phil Cannella
Phil Cannella

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