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Wall St. edges up in low volume, boosted by tech shares
December 27, 2016 / 2:00 PM / 10 months ago

Wall St. edges up in low volume, boosted by tech shares

NEW YORK (Reuters) - U.S. stocks rose slightly on Tuesday, supported by upbeat consumer and housing data, with gains in technology shares lifting the Nasdaq Composite to a record close.

At just over four billion shares traded, it was one of the lowest-volume sessions of 2016. Volume across markets is expected to continue to be weak through the end of the year.

Tuesday data showed American consumers’ confidence shot to its highest in more than 15 years in December as they saw more strength ahead in business conditions, stock prices and the job market, while house prices continued their steady recovery in October.

U.S. equities have been riding a post-presidential election rally, feeding on optimism that Donald Trump’s plans for deregulation and infrastructure spending could bolster the economy. With the market priced for positive outcomes in various scenarios, some see the end-year rally as an opportunity to cash-in gains.

“There is too much hope and prayer coming from the new administration. Factually, the data is fine – it is not that different than it was six months ago,” said Phil Blancato, CEO of Ladenberg Thalmann Asset Management in New York.

“We’ve got a mild U.S. consumer that is doing OK, profits have somewhat bounced a little bit, but we are certainly not getting an earnings liftoff here.”

U.S. President-elect Donald Trump is broadcast on a screen on the floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 27, 2016. REUTERS/Andrew Kelly

The Dow Jones Industrial Average .DJI rose 11.23 points, or 0.06 percent, to 19,945.04, the S&P 500 .SPX gained 5.09 points, or 0.22 percent, to 2,268.88 and the Nasdaq Composite .IXIC added 24.75 points, or 0.45 percent, to 5,487.44.

About 4.13 billion shares changed hands on U.S. exchanges, below the 7.27 billion daily average over the last 20 sessions. Volume this week last year averaged 5 billion stocks daily.

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The largest percentage gainer on the S&P 500 and Nasdaq 100 was Nvidia Corp (NVDA.O), which rose 6.9 percent and boosted the chipmakers.

Amazon (AMZN.O) rose 1.4 percent to $771.40. The online retailer said it shipped over 1 billion items to Prime members during the holiday season.

Advancing issues outnumbered declining ones on the NYSE by a 1.61-to-1 ratio; on Nasdaq, a 1.54-to-1 ratio favored advancers.

The S&P 500 posted 23 new 52-week highs and one new low; the Nasdaq Composite recorded 174 new highs and 25 new lows.

Reporting by Rodrigo Campos and Chuck Mikolajczak; Editing by Nick Zieminski

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