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Dec 24 2015

Wall St quiet in shortened holiday session

Market Recap 12/23/15:
U.S. stocks rallied for a third straight session on Wednesday, with energy shares leading on the day as a rebound in oil prices boosted positive sentiment in a thinly traded session. Energy shares have been the weakest sector of the year by far, pressured by weak demand out of China and persistent over-supply. Many investors have been concerned that the weakness in the commodity could portend a broader economic slowdown, a fear that was eased by Wednesday’s rise in oil prices, though they remain at low levels. Sentiment was also boosted after a read on consumer sentiment hit a five-month high in December, suggesting the economy remains on a strong footing going into the end of the year.
Looking ahead:
U.S. stock index futures were flat on Thursday, with trading expected to be quiet in a shortened holiday session, especially with markets closed for all of Friday for the Christmas holiday. That said, markets could see some movement on the latest weekly jobless claims number, which will come out before the market opens, while energy stocks could rise alongside continued gains in oil prices. The light volume is expected to persist throughout the year, which could amplify daily volatility, though there are few scheduled events that are considered news events in the final trading days of the year. If you missed the Wednesday CNBC appearance by our president, Oliver Pursche, you can watch ithere. Also don’t miss this week’s Money Matters with Gary Goldberg, which will air Sunday at 11 on WOR710. Visit our website for more details.