United States stocks finished the final trading session of 2017 lower, capping off a year that delivered a global rally on broad-based economic growth and strong earnings. Treasury yields dipped in an abbreviated session and the U.S. dollar remained under pressure. All U.S. markets will be closed on Monday for the New Year holiday. Crude oil prices extended a rally and gold was higher.

The Dow Jones Industrial Average (DJIA) declined 118 points (0.5%) to 24,719, the S&P 500 Index was 14 points (0.5%) lower at 2,674, and the NASDAQ Composite decreased 47 points (0.7%) to 6,903. In light volume, 704 million shares were traded on the NYSE and 1.5 billion shares changed hands on the NASDAQ. WTI crude oil increased $0.31 to $60.15 per barrel and wholesale gasoline gained $0.01 to $1.80 per gallon. Elsewhere, the Bloomberg gold spot price moved $8.29 higher to $1,303.33 per ounce, and the Dollar Index—a comparison of the U.S. dollar to six major world currencies—was 0.4% lower at 92.27. Markets were lower for the week, as the DJIA decreased 0.1%, the S&P 500 Index was 0.4% lower and the NASDAQ Composite declined 0.8%.

Treasuries traded higher, with the economic calendar void of any major releases. The yields on the 2-year and 10-year notes, along with the 30-year bond, declined 2 basis points to 1.89%, 2.41% and 2.74%, respectively. Treasury yields slipped as the curve flattened a bit this week, while the U.S. dollar extended its drop in the abbreviated final week of the year that was light on volume and data. The stock markets were lower on the week, but closed out 2017 with a strong rally that was fueled by broad global economic growth and strong corporate earnings, as well as the lead up to last week’s passage of the Tax Cuts and Jobs Act.

Schwab Center for Financial Research – Market Analysis Group

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