S&P, Nasdaq Log Best Week Since 2011
A Chinese official waxed optimistic on trade talks
The Dow spent most of the session fairly close to breakeven, but ultimately rallied nearly 200 points after a Chinese official said the U.S. and China are finding common ground before the much-anticipated dinner between the countries' leaders at the G-20 meeting this Saturday. As such, the Dow logged its best week since November 2016. The S&P and Nasdaq, meanwhile, enjoyed their strongest week since 2011. All three major market indexes also ended a volatile November with a gain.
Continue reading for more on today's market, including:
The high-profile downgrade that stopped CREE in its tracks. The 10 best sectors in December, historically. Plus, SPLK rallies after earnings; GME gets bruised; and the massive hack that sank Marriott.
The Dow Jones Industrial Average (DJI - 25.538.46) added 199.6 points, or 0.8%. Twenty-four of the 30 stocks ended higher, with Caterpillar's (CAT) 4.2% gain putting it at the top of the list, and Goldman Sachs' (GS) 2.1% loss dragging it to the bottom. For the week, the Dow added 5.2%, and advanced 1.7% in November.
The S&P 500 Index (SPX - 2,760.16) rallied 22.4 points, or 0.8%. The Nasdaq Composite (IXIC - 7,330.54) made gains too, with a 57.5- point, or 0.8%, win. For the week, the SPX and Nasdaq rallied 4.9% and 5.6%, respectively. The SPX gained 1.8% in November, and the Nasdaq edged 0.3% higher.
The Cboe Volatility Index (VIX - 18.07) dropped 0.7 point, or 3.8%. For the week and month, the VIX lost 16.2% and 15.1%, respectively.
5 Items on our Radar Today
Shoe retailer Payless ShoeSource threw a launch party in Los Angeles for a fake new label with the tongue-in -cheek moniker Palessi, marking up the company's discount shoes and passing them off as high-end designer. Payless rang up $3,000 in merchandise before revealing the prank to its VIP guests. Payless will roll out the footage in a series of commercials. (CNBC) Andres Manuel Lopez Obrador will be inaugurated as president of Mexico tomorrow. Though Lopez Orbador's landslide win initially strengthened the peso, last month's cancellation of a Mexico City airport construction project -- which he said was tainted by corruption -- have fueled concerns that he could rule by referendum. (Reuters) The catalysts behind Splunk stock's rally. Analysts slammed GameStop after an earnings flop. Marriott revealed a massive data breach.
Data courtesy of Trade-Alert
Oil's Weakest Month Since 2008
Oil experienced its weakest month since 2008, losing nearly 22% in November, amid concerns about global oversupply. It did, however, eke out a weekly win of 1%, ahead of next week's Organization of the Petroleum Exporting Countries (OPEC) meeting. For the day, oil for January delivery fell 52 cents, or 1%, ending at $50.93 per barrel.
Gold prices dropped today, due to a stronger dollar. February-dated gold futures gave back $4.40, or 0.4%, settling at $1,226 per ounce. They lost 0.3% for the week, but gained 0.9% for the month.