Markets mixed but analysts see positive 2016 for US stocks

Markets were mixed on Monday.

The S&P 500 rose 0.8 percent but the STOXX Europe 600 fell 1.1 percent.

In Asia, the Nikkei 225 fell 0.3 percent but the Shanghai Composite Index jumped 1.7 percent.

Oil fell, WTI futures for February delivery declining 0.7 percent, but gold rose 1.5 percent.

Whether stocks can mount a sustained rally in the remaining days of the year remains a question mark.

“It is difficult to have meaningful rallies when there is so much volatility,” said Colin Cieszynski, chief market strategist at CMC Markets.

“Historically, a Santa rally starts about now and continues until the first few days of January,” said Jeffrey Saut, chief investment strategist at Raymond James.

However, analysts expect next year to be positive. Market professionals surveyed by CNNMoney estimate the S&P 500 will end 2016 at 2,194, up 9 percent from the latest close.