Stocks opened with small gains Thursday after Beijing confirmed that it is in close contact with the United States in regards to a signing of their partial trade agreement. The early gains have stocks looking to add to the Santa Claus rally that began on Tuesday. The last five trading days of the year and the first two of the following year are defined as the Santa Claus rally.
The Nasdaq and S&P 500 are at new highs, while the Dow Jones Industrial Average flirts with its own as quiet holiday trade continues ahead of the New Year. The Nasdaq has closed at a record high in nine straight sessions, the longest streak since July 1998.
|I:DJI||DOW JONES AVERAGES||28579.42||+63.97||+0.22%|
|I:COMP||NASDAQ COMPOSITE INDEX||8990.528058||+37.64||+0.42%|
Retail stocks were in focus after Mastercard saidholiday sales rose 3.4 percentyear-over-year, boosted by an 18.8 percent in online spending.
Meanwhile, Boeing shares continued to slide after a congressional aide told Reuters on Tuesday that new documents revealed “very disturbing” revelations related to the grounded 737 Max jet.
Tesla gained after Wedbush analyst Dan Ives lifted his price target to $370 from $270, citing a “fundamental improvement.” His new price target was 13 percent below where shares settled on Tuesday.
Uber was little changed after a filing showed co-founder Travis Kalanick unloaded his last 5.8 million shares.
|UBER||UBER TECHNOLOGIES INC.||30.45||+0.01||+0.02%|
Looking at commodities,goldwas up 0.5 percent at $1,512 an ounce and West Texas Intermediate crude oil was little changed near $61.15 an ounce.
U.S. Treasurys were flat with the yield on the 10-year note holding near 1.905 percent.
Chinese markets surged on Thursday after the government announced a relaxation of residency restrictions for small and medium cities that boosted property stocks. The Shanghai Composite index jumped 0.9 percent. Japan’s Nikkei advanced 0.6 percent.
Markets were closed in Europe and Hong Kong.
FOX Business’ Ken Martin and The Associated Press contributed to this article.