RPT-BUZZ-U.S. stocks weekly: Still in business
(Repeats from Friday, updates YTD performance chart)
** S&P 500 posts 0.4 pct weekly gain and notches record high close on Fri, helped by robust Nov hiring data and legislation averting a government shutdown
** That said, tech’s recent stumble has put a damper on the high-flying Nasdaq. After gaining >27 pct this year, Nasdaq Composite suddenly struggling, off 0.5 pct in Dec
** And if Nasdaq doesn’t feel better again soon, its cough may lead to an SPX cold
** This while a buybacks vs dividends measure is still struggling to confirm new SPX highs
** Nevertheless, majority of sectors advance; financials and industrials most in the black, while real estate, utilities and energy see red
** Financials up 1.5 pct. Big banks buoyed as Senate clears tax bill. Sector easily best performer MTD, though Financial Select Sector SPDR Fund faces hurdles on the charts
** Tech essentially flat, steadies after prior week’s selloff. Though BofA-ML says follow the momentum, stick with the group for 2018
** Energy down 0.7 pct. Rising China crude demand trumped by concerns of increasing U.S. production
** Utilities fall 1 pct. Edison International dives 11 pct as wildfires rage in Southern California , raising concerns over possible legal battle
** SPX sector YTD performance: reut.rs/2yfc4Td
** Meanwhile, CVS announced $69 bln acquisition of insurer Aetna seen as transforming healthcare , and S&P earnings expected to return to double-digit growth
** Also, Bitcoin mania continues as the cryptocurrency blasts higher, gyrates