The Dow Jones opened with little change Friday morning, as investors share mixed feelings about the impending Christmas holiday.
U.S. stocks took a beating Thursday, largely due to weaknesses in the retail and technology industries. Thursday’s downturn marks the end of the month-long market rally fueled by the election of Donald Trump and optimism surrounding his economic plan.
“With Christmas this weekend and New Year’s just over a week away, global stocks may meander between losses and gains as investors strategize for 2017,” research analyst, Lukman Otunuga, told reporters.
The Dow pulled just 12 points away from the 20,000 mark Tuesday morning, hitting 19,988 around 11 a.m. Eastern time. The benchmark index is up 14 percent on the year and the S&P 500 is up 11 percent. Both indexes are betting that Trump will make good on his promises of deregulation, infrastructure spending and lower taxes.
Trump promises to end “all unnecessary regulations” imposed on the energy industry, to “dismantle” the 2,300-page Dodd-Frank Wall Street Reform And Consumer Protection Act, and to put a moratorium on any new regulations when he takes office. In addition, Carl Icahn will serve as special regulatory advisor to the president, Trump announced Wednesday. The president-elect also met with a hawkish regulatory lawyer Thursday and promises the most business friendly tax plan since the 1980s.
Trump’s election sparked the biggest one-month S&P 500 rally in its 93 years of existence. The index rose nearly 5 percent from Election Day to Friday, Dec. 23. It broke the previous 30-day record set after Nixon’s election. (30-Day Market Snapshot After Trump’s Election)
The Dow Jones was down just over 15 points at 10:19 a.m. Friday morning. Six of the 11 S&P 500 sectors were down, and the index as a whole was down 2 points Friday morning. Oil slipped below $55 a barrel.
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