1) The aircraft manufacturer Boeing Aircraft has announced it is bringing production of the 737 MAX to a temporary halt the first of January. Boeing is America’s largest manufacturing exporter and the largest component of the Dow Jones industrial average, so there are fears that Boeing’s decision will send shockwaves through the American economy. Boeing will redeploy workers on the MAX production line to other projects therefore avoiding layoffs and furloughs. After the aircraft’s grounding nine months ago, Boeing has continually encountered hurdles with domestic and global regulators.
2) Stocks closed at record highs on Monday, their fourth straight gain, a result of the Phase One trade deal between China and the U.S., clearing the way for Wall Street to end a banner year. A further positive note is strong economic data out of China, topping expectations, with American economic data showing positive signs too.
3) For the last few years, sprits distillers have seen explosive growth, a result of a tax cut from the Craft Beverage Modernization and Tax Reform Act. But this tax cut is due to expire on 31 December, resulting in a 400% increase in Federal liquor tax, which would put the brakes on the distilling business. Renewing the tax break is running into congressional dysfunction and partisan fighting over taxes and spending.
4) Stock market closings for – 16 DEC 19:
Dow 28,235.89 up 100.51
Nasdaq 8,814.23 up 79.35
S&P 500 3,191.45 up 22.65
10 Year Yield: up at 1.89%
Oil: up at $60.19