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Investors Await Developments on Trade Negotiations and Brexit

With little domestic news on either the policy or economic front, U.S. equities were virtually unchanged last week. The S&P 500 did close fractionally higher but failed to push above its 200-day moving average. Not helping matters were reminders from the White House that trade talks with China were far from any agreement, and from Europe concerning its ongoing economic slowdown and the challenges for monetary policy of Brexit uncertainty. While investors await further developments on these issues, the dearth of market-moving news resulted in the VIX index ending the week at 15.7, well down from the 36.1 reading of Christmas Eve.

Investors Turn their Attention to Trade Negotiations

The post-Christmas rally in stocks resumed last week, after a one-week interruption. The S&P 500 rose 1.6 percent, for its fifth gain in the past six weeks, and has risen 15.1 percent since it hit bottom on Christmas Eve. In the process, the S&P 500 has pushed above the 50-day moving average, after spending a month and a half below it. On Friday, it flirted with the 100-day moving average but ended the day fractionally short. It has been almost four months since the index closed above the 100-day moving average. It remains 7.6 percent below its September peak.

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