Market Finishes Higher; S&P 500 Headed for Best December in Two Decades
Equity market finished higher on thin volume. Market has seen a strong rally in December, with the S&P 500 heading for its December in almost two decades. Investors’ confidence has been boosted by an improving economy, strong corporate earnings and a rise in M&A activity.
The Dow Jones closed 0.09% higher at 11,585.38, the S&P 500 closed 0.10% higher at 1,259.78 and the Nasdaq closed 0.15% higher at 2,666.93. Energy stocks were the best performers in the S&P 500 today, followed by Basic Materials stocks. All sectors in the S&P 500 ended the day in green. Energy stocks climbed 1.07% today, while Basic Materials stocks finished 0.84% higher.
The gains in the Basic Materials sector were led by rare-earth element stocks. Among the major rare-earth element stocks that climbed in trading today were Molycorp Inc. (NYSE: MCP), which ended the day 6.76% higher, and Rare Element Resources Ltd. (AMEX: REE), which ended the day 14.30% higher at $14.79.
Potash Corp. (NYSE: POT) was the other big gainer in trading today. Shares of Potash ended the day 5.12% higher at $152.07.
Other major gainers in today’s trading included BJ’s Wholesale Club Inc. (NYSE: BJ), which ended the day 7.08% higher. Shares of the retailer rallied after reports that the company may be acquired by a private equity firm.
