Market Roundup: Late Rally Pushes Markets into Weekly Gain

Economy/Stock Market

Indices were down on Monday but closed out the month of November with gains. Energy and Utilities stocks posted gains, while Healthcare and Consumer Staples weighed on the market. Indices moved into positive territory on Tuesday amid a variety of economic news. The ISM Manufacturing Index fell from 50.1 to 48.6. Both new orders and production dropped below 50. The markets volleyed back to the negative side midweek as a result of a dip in crude oil prices and other economic news. Crude oil fell below the $40 level for the first time in three months. Prices slipped following news that domestic reserves increased for the tenth straight week. On another note, comments from the Federal Reserve’s “Beige Book” report, which covered activity from October through mid-November, showed a modest to moderate rate of expansion in most districts. Stocks traded well into the red on Thursday, despite crude oil’s gain of 2.9% for the day. Friday’s news that November nonfarm payrolls came in 5.5% higher than consensus estimates, drove the market to its biggest gain since early September. The news may have also opened the way for the Federal Reserve to consider raising interest rates later this month.