Category Archives: Economy/Stock Market

The week kicked off with a rally in Financial stocks, which led the S&P 500 index to its best day in two weeks. Also on Monday, the ISM Nonmanufacturing index showed services bounced back in November, rising above consensus and above its six-month average. The rally continued on Tuesday, as economic reports showed productivity growth remained unrevised for the third quarter, the U.S. Trade Deficit widened in October and Factory Orders increased as well. On Wednesday, the major indices logged their biggest one-day rally since the election, which led to new closing records for the Dow Jones Industrial Average and the S&P. The markets were a little shakier on Thursday, shifting between gains and losses for most of the trading session. Investors’ eyes were likely on the European Central Bank, as the bank extended its stimulus program at a reduced volume. Indices closed at session peak levels on Friday, with the Dow, S&P 500 and Nasdaq all hitting record highs. Consumer confidence was up in a preliminary December reading from the University of Michigan. The Consumer Sentiment Index ticked up to 98 from 93.8 in November, well beyond an expected reading of 94.1.

Indices kicked off the week closing in red territory on Monday as investors swept profits off the table in light of recent gains. Stocks stepped up on Tuesday amid a variety of economic news. The second estimate of third-quarter GDP showed the economy grew at a 3.2% pace, which exceeded the preliminary estimate of 2.9% growth. Additionally, consumer confidence ticked up in November. Conference Board data showed sentiment rose to 107.1 from 98.6 in October, exceeding expectations of 101.2. The markets ended trading with mixed results on Wednesday. The Dow Jones Industrial Average closed to the positive side while the S&P 500 Index and NASDAQ shed some points. Energy brands led advancers on news of an Organization of the Petroleum Exporting Countries (OPEC) deal to reduce output. OPEC agreed to cut production by 1.2 million barrels per day, or about 4.5% of current production. Crude oil ticked up on the news. In economic news, the Chicago PMI hit 57.6 in November, well beyond an October reading of 50.6. Also, the Fed’s Beige Book report showed moderate economic growth in most regions of the country. On Thursday, the Dow rose 51 points, marking its biggest monthly gain in November since March while the S&P and NASDAQ were relatively flat. The S&P 500 eked out a slight gain Friday, but posted its first weekly decline since the election. Friday’s jobs report showed unemployment falling to its lowest level in nine years in November; however, this did little to affect overall performance as the Dow fell 0.1% for the day, but held onto a 0.1% gain for the week. The S&P and the NASDAQ posted weekly declines for the first time since the week ended Nov. 4.

The markets started the week relatively flat, but by Tuesday, stocks began to climb as blue-chip energy brands led the way up on a jump in crude oil prices. The Retail Sales report released showed sales exceeded expectations in October, with sales increasing by 0.8%, beyond an expected 0.6% uptick.

Stocks kicked off the week on a positive note ahead of the presidential election. Their climb continued on Tuesday ahead of election results. Crude oil prices slipped slightly after the Energy Information Administration boosted its forecasts for U.S. oil production. West Texas Intermediate crude dropped 0.07% to settle at $45.44 a barrel. Stocks ramped up Wednesday in post-election momentum, as Donald Trump won the presidential election. Financial and health care brands led the way up. In other releases, Energy Information Administration figures showed domestic crude oil supplies rose by 2.4 million barrels in the week ended November 4. Indices closed with mixed moves on Thursday, as the Dow and S&P 500 added points while the NASDAQ ended in red territory. Financial stocks posted gains, while Technology brands led the NASDAQ lower. Looking elsewhere, initial jobless claims decreased last week. Department of Labor data showed new claims fell by 11,000 to 254,000. Indices closed out the week mixed on Friday. The Dow and NASDAQ stepped up while the S&P 500 shed some points. Energy brands led decliners while Technology stocks rebounded from Thursday’s downswing. In a preliminary measure, the University of Michigan’s Consumer Sentiment index ticked up to 91.6 in early November, from 87.2 in October.

The indices kicked off a week of negative results closing just slightly down on Monday, as Energy stocks led decliners in choppy trading. In economic news, a reading of the Chicago PMI fell to 50.6 from 54.2 in September, showing a decrease in business activity in the Midwestern region.

Stocks stepped up on Monday despite West Texas Intermediate crude falling 0.7% to settle at $50.52 a barrel. Indices ended trading in the red zone on Tuesday on news that consumer sentiment dipped in October. The Conference Board Consumer Confidence Index declined 4.9 points to 98.6, a three-month low.

The markets opened the week with gains as both oil prices and Energy sector shares rose. Stocks traded lower on Tuesday with brands dipping on less-than-optimum quarterly details from Alcoa, who unofficially kicked off earnings season, as well as a downswing in oil.

The markets kicked off the week closing in the red zone with stocks trading lower amid a variety of economic news. The ISM Manufacturing Index hit 51.5, versus consensus expectations of 50.2, indicating manufacturing increased.