Monday’s market action started mixed as investors awaited news on a trade deal, but at the end of the day, the major indices all closed lower. Investors continued searching for news on U.S.-China negotiations on Tuesday, but by the end of the day the major averages closed down once again. Midweek, stocks edged higher as the Federal Reserve reassured that economic conditions were stable. The central bank did not change interest rates and indicated no changes would happen in the near future. In economic news, the Consumer Price Index climbed by 0.3% during the month; although, the “core” rate, which excludes food and energy, advanced 0.2%, matching expectations. Indices closed with gains on Thursday, as the S&P 500 and NASDAQ hit new record levels. Financial and Energy sector stocks led the way up on phase one trade deal optimism. Indices closed slightly higher on Friday, with the S&P 500 and NASDAQ trading up to new record heights once again. Stocks gained as the U.S. and China struck a phase one trade deal. Additionally, President Trump said December tariffs are cancelled. On another note, retail sales ticked up in November with a 0.2% increase that was just shy of economists’ estimates of a 0.5% gain.
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