Following 2013’s sizable gains, stocks fell today, marking the first time the S&P 500 has fallen in a year-opening session since 2008.
Thanks to good economic data, including high U.S. factory activity, which raised speculation that the Federal Reserve will continue tapering its stimulus, the U.S. dollar rose today against several rival currencies, including the euro and yen.
Physical buying boosted gold almost 2% higher today.
U.S. stocks rose during a shortened trading session today, extending records, due in part to forecast-beating data for durable goods orders and new home sales.
In today’s shortened pre-holiday trading, the U.S. dollar rose, thanks to bright economic data boosting convictions that the Federal Reserve will continue tapering its stimulus.
After the Federal Reserve announced it would trim its monthly stimulus starting in January, U.S. stocks surged, sending both the S&P 500 and the Dow to record high closes.