Indices landed in new record territory on Monday, as Energy stocks ramped up on an increase in crude oil prices. West Texas Intermediate crude gained 3.1% to settle at $57.35 a barrel. The S&P 500 Index’s five-day winning streak was snapped Tuesday, slipping less than 0.1% for the day. The tech-heavy NASDAQ also fell while the Dow Jones Industrial Average gained nearly 0.1%. Small gains on Wednesday led to record highs for the three major indices, as a jump among technology brands bolstered a dip in financials. A bit of a breather came on Thursday when Technology brands traded lower. In economic releases, the Department of Labor showed new jobless claims increased by 10,000 to 239,000, missing expectations. Trading was mixed on Friday with the Dow and S&P 500 closing in the red zone while the NASDAQ ticked up slightly. Consumer confidence is on the wane for November according to the University of Michigan’s consumer sentiment index. The index reading slipped 2.9 points to 97.8 versus expectations of 100.9. Trepidation over proposed tax reform took a toll on large caps during the week, ending what had been a run of consecutive weekly positive returns.
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