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%)