S&P 500 reaches record highs
After a brief pullback at the beginning of the week, US markets regained strength and reached fresh highs. On December 13, the S&P 500, Dow Jones Industrial Average, and Nasdaq rose 0.65%, 0.58%, and 0.95%. They closed at record highs. Optimism about Donald Trump’s pro-growth policies kept prices higher.
The S&P 500 Energy Sector Index rose 1.3% on December 13. Noble Energy (NBL) and Hess (HES) were the top performers. Noble Energy, which is a petroleum and natural gas exploration and production company, rose 4.5% on December 13. The rally in energy products amid producers’ decision to cut output is supporting companies associated with the energy sector. Read What Is Noble Energy’s Outlook for 2017 and Beyond? to learn more.
The S&P 500 Information Technology Sector Index rose 1.2% on December 13. Seagate Tech (STX) and CA (CA) were the best performers. Seagate Tech is one of the leading digital storage companies. It rose 4.3% on December 13. It was one of the top performers on the NYSE.
The S&P 500 Utilities Sector Index rose 1.0% on December 13. Exelon (EXC) and FirstEnergy (FE) were the top gainers in the utilities sector. Exelon is a leading energy provider. It rose 2.8% on December 13. According to its latest announcement, the power generation operations at the Clinton Nuclear Generating Station and Quad Cities Nuclear Power Station will stop from June 1, 2017, and June 1, 2018, respectively. The market is looking forward to the FOMC’s meeting and interest rate decision. Read How Could Higher Interest Rates Impact Utilities? to learn how an interest rate hike could impact the utilities sector.
The S&P 500 Telecom Services Sector Index rose 0.89% on December 13. Globalstar (GSAT) and Extreme Networks (EXTR) were the top performers. Globalstar operates low-earth orbit satellite-based digital telecommunications systems. It rose 5.7%. Recently, Globalstar entered into a partnership with Vehicle Tracking Solutions to provide global GPS solutions.