Tech Stocks Lead S&P 500 to Record High
While holiday trading volumes were traditionally low, the S&P 500 closed up nearly 8 points, or 0.38%, and Dow Jones added 154.51 points, or 0.87%. Last week the Federal Reserve promised not to make any sudden movements concerning the timing and pacing of interest rate hikes, thus giving investors a positive outlook. OPEC is looking to maintain the current level of production even though oil prices continue to decline. It's widely believed that the goal of the OPEC members is to protect their market share. That is the main reason why they are willing to allow oversupply.
Word on the Street
- Meredith Whitney's hedge fund ends year on a sour note.
- Oil prices continue to drop and it's not over yet.
- Rosneft backs away from Morgan Stanley's (MS) oil trading business purchase.
- All you need to know about economy in 2014.
- Travel industry wants to plan your Cuban vacation.
- Staples (SPLS) security breach affects 1.16 million customers.