Reuters - Video

EDITION: U.S. | U.K. | IN

Business

S&P 500 cracks a record, Dow nears 18,000

Monday, December 22, 2014 - 01:54

The Fed-fueled Santa rally roars on, with the S&P 500 reaching a record close and the Dow Jones industrial nearing 18,000. Shartia Brantley reports.

▲ Hide Transcript

View Transcript

And the Santa rally rolls on, as U.S. stocks rose for a fourth straight session - the S&P 500 closing at a record high, led by large-cap technology stocks and the Dow Jones index closing roughly 40 points away from 18,000. S&P Capital IQ U.S. equity strategist Sam Stovall: SOUNDBITE: SAM STOVALL, U.S. EQUITY STRATEGIST, S&P CAPITAL IQ (ENGLISH) SAYING: "I think because recently, the Fed did not pull away the punch bowl; they actually spiked the punch. I think that's going to help with this Santa Claus rally. Traditionally, we end up with a mid-December low that then does get followed by a end-of-year rally, and maybe that will push the S&P 500 to around 2100." Stocks didn't get much help from data on U.S. home sales, which dropped to a six-month low in November after surging two straight months. Investors are betting big on Caesar's Entertainment. The world's largest gaming company is buying its affiliate, Caesars Acquisition, driving both stocks sharply higher. Caesar's Entertainment is making the move to restructure its debt just when casinos are facing slower growth. Gilead Sciences the biggest loser on the S&P in heavy volume. Pharmacy benefits manager Express Scripts is in most cases dropping coverage of Gilead's hepatitis C drug, replacing it with a cheaper one from AbbVie. That move boosted shares of Enanta Pharmaceuticals, which helped develop the AbbVie treatment. Taser shares rise after Oppenheimer starts coverage of the electrical weapons maker with an outperform rating, calling it a "shockingly strong story." It just received orders for more than 1,800 smart weapons from police in Ontario, Canada. Santa Claus is making his mark in Europe, where stocks rose for the fifth straight session. German stocks led the advance.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

S&P 500 cracks a record, Dow nears 18,000

Monday, December 22, 2014 - 01:54

Editors' Picks »

Most Popular »

Moving Pictures »

Images of November Images of November

Tue, 02 Dec, 2014 - (0:30)

Images of October Images of October

Mon, 03 Nov, 2014 - (0:57)

The world in a city The world in a city

Fri, 31 Oct, 2014 - (1:30)

Real-life superheroes Real-life superheroes

Tue, 28 Oct, 2014 - (1:44)

Dance of the northern lights Dance of the northern lights

Mon, 20 Oct, 2014 - (1:08)

Images of September Images of September

Thu, 02 Oct, 2014 - (1:00)

Still missing – MH370 Still missing – MH370

Fri, 05 Sep, 2014 - (2:05)

Burning Together Burning Together

Mon, 01 Sep, 2014 - (2:23)

Mending dolls, teddies and hearts Mending dolls, teddies and hearts

Fri, 22 Aug, 2014 - (3:12)

Images of August Images of August

Fri, 29 Aug, 2014 - (1:00)

Dateline Asia »

Sinking Jakarta embarks on seawall project Sinking Jakarta embarks on seawall project

Thu, 18 Dec, 2014 - (2:22)

North Korea to blame for Sony hack: source North Korea to blame for Sony hack: source

Thu, 18 Dec, 2014 - (1:10)

China's house prices fall again China's house prices fall again

Thu, 18 Dec, 2014 - (1:10)

China's child labor problem China's child labor problem

Thu, 18 Dec, 2014 - (2:19)

Measuring up North Korea's heir Measuring up North Korea's heir

Wed, 17 Dec, 2014 - (1:03)

Russia worries rock emerging markets Russia worries rock emerging markets

Wed, 17 Dec, 2014 - (1:14)

Seoul raises the "nut rage" stakes Seoul raises the "nut rage" stakes

Tue, 16 Dec, 2014 - (1:03)

Sydney in shock after hostage horror Sydney in shock after hostage horror

Tue, 16 Dec, 2014 - (1:07)

Not all merry and bright in China's manufacturing sector Not all merry and bright in China's...

Tue, 16 Dec, 2014 - (1:29)

Reuters Investigates »

Where the sea is closing in Where the sea is closing in

Thu, 20 Nov, 2014 - (3:41)

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, 19 Feb, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, 10 Jan, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, 29 Aug, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, 29 Aug, 2013 - (13:22)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, 05 Aug, 2013 - (1:36)