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Friday, November 30, 2018 4:45:30 PM
S&P, Nasdaq Log Best Week Since 2011
By: Schaeffer's Investment Research | November 30, 2018
A Chinese official waxed optimistic on trade talks
Oil, meanwhile, had its worst month since 2008
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
1. 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)
2. 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)
3. The catalysts behind Splunk stock's rally.
Analysts slammed GameStop after an earnings flop.
4. 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.
Read More »»»
• DiscoverGold
By: Schaeffer's Investment Research | November 30, 2018
A Chinese official waxed optimistic on trade talks
Oil, meanwhile, had its worst month since 2008
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
1. 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)
2. 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)
3. The catalysts behind Splunk stock's rally.
Analysts slammed GameStop after an earnings flop.
4. 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.
Read More »»»
• DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
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