- David Ramos/Getty
Stocks started the trading year off on a strong note before losing some of the gains during Tuesday’s session. The major indexes ultimately ended higher.
Crude oil rallied to an 18-month high as OPEC began implementing its deal to cut production. However, amid dollar strength, oil also lost its early gains.
Here’s the scoreboard:
Dow: 19,881.76, +119.16, (0.60%) S&P 500: 2,257.83, +19.00, (0.85%) Nasdaq: 5,429.08, +45.97, (0.85%) 10-year yield: 2.45%, +0.018 WTI crude oil: $52.33/bbl, -1.39, (-2.59%)
Ford said it would cancel plans for a new $1.6 billion plant in Mexico, and will instead invest $700 million in Michigan. CEO Mark Fields said it was not a deal with President-elect Donald Trump, who had been critical of the company. The peso fell. Trump sent out a tweet threatening to tax General Motors for manufacturing abroad. GM said most of the Chevy Cruze vehicles in question, sold in the US, were manufactured in Ohio. US manufacturing ended 2016 on a strong note, according to two surveys of the industry. The December purchasing manager’s indexes from the Institute of Supply Management and Markit Economics topped expectations. Trump named veteran steel industry trade lawyer Robert Lighthizer as US trade representative. Lighthizer is a harsh critic of China’s trade practices. The DoubleLine Total Return Bond Fund partly run by Jeffrey Gundlach posted a net outflow of $3.5 billion in December, its biggest one-month outflow ever. That was according to data from research firm Morningstar.