U.S. stocks rose slightly, supported by upbeat consumer and housing data, with gains in technology shares lifting the Nasdaq Composite to a record close. Bobbi Rebell reports.
Another near miss for Dow 20,000. But the Nasdaq hit a new record high. Stocks supported in part by upbeat housing and consumer data in one of the lowest volume sessions of the year. The Dow has been rallying since the election raising questions about valuation, but Barclay's Michael Gapen says expected economic changes including tax reform justify the benchmark level. SOUNDBITE: MICHAEL GAPEN, MANAGING DIRECTOR, BARCLAYS (ENGLISH) SAYING: "Given what has been discussed about bringing the corporate tax rate down, getting rid of some of the deductions, I think, you look at corporate earnings, and you can get a re-rating on equities just from that, and the moves that we have seen would be consistent with that. So, there is upside in that if you did get growth, you did get further earnings growth but just on corporate tex reform alone I think Dow $20k would be justifiable." Boeing the big drag on the Dow. Iran said it had negotiated to pay only about half the announced price for 80 new Boeing airliners in an order that Boeing had said was worth about $16 billion. Amazon stock on the rise after the online retailer called 2016 its best holiday season ever. The online retailer said it shipped over one billion items to Prime members during the holiday season. U.S. consumer confidence shot to its highest in more than 15 years in December. Americans saw more strength ahead in business conditions, stock prices and the job market. In Europe, a quiet trading day with Germany's Dax hitting a new one-year high.