Equities resumed their record-setting year-end rally as investors digested the last major reports of the corporate earnings season, looked forward to next month’s signing of an initial U.S.-China trade deal and largely ignored the impeachment of President Trump. With no major catalysts expected and back-to-back shortened trading weeks coming up, U.S. market activity is likely to be light as many traders pause to celebrate the holidays.
All 11 of the main S&P 500 industry groups increased for the week, led by a 2.7 percent gain in utilities. Technology shares climbed 1.9 percent. FedEx Corp. was the worst performer in the S&P 500, sinking 11 percent in its biggest weekly drop since September. Boeing Co. fell 4 percent, the worst performance in the Dow.
The U.S. Treasury will sell $42 billion of 13-week bills, $36 billion of 26-week bills and $40 billion of two-year notes on Dec. 23.