U.S stocks rose this morning on thin holiday trading as they followed the Asian markets up. All three Asian exchanges closed higher even without any economic news of note.
The S&P 500 is up by 8 points to 2,065, the Dow Jones Industrial Average is up by 87 points to 17,615 and the Nasdaq is higher by 27 points to 5,068.
Iconix stock plunged 23 percent on heavy volume on Monday after it was revealed that the Securities Exchange Commission was investigating the company’s accounting treatment of some joint ventures. Some investors are taking a risk this morning and jumping in, pushing the stock higher by over 2 percent to $5.82.
Oil prices, which had been dragging markets down, managed to get a slight lift on Tuesday. The rise was based on Saudi Aramco’s chairman suggesting the oil glut would ease up next year as U.S. shale producers cut back. For now, though, it seems Saudi Arabia is struggling with the low prices as that country has said it would reduce gas subsidies for its people and raise taxes.
European indices were rising as the financial sector gained ground. Mining stocks continue to weigh on the market as commodity prices fall amid weakening Chinese demand.
Gold and silver were moving higher although there is very little trading in the metals market in this last week of the year. It’s been a difficult year for precious metals. Gold topped out at $1,350 earlier this year, but is now close to $1,071. Silver is up to $13.99 in early trading, but has fallen 12 percent in 2015. Silver had been trading near $20 at the beginning of 2014, making the current price a 30 percent drop over the past two years.
Did you get a gift card you don’t want this holiday? Target is willing to buy your unwanted gift cards — for a fee. Target will take in cards from more than 600 different brands and give the seller a Target store credit. The fees to trade in vary with the largest fees being charged for big box retailers like Wal-Mart. Target is using the company Cardpool to make the transaction.