Category Archives: Economy/Stock Market

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.

The indices traded lower on Monday with many Healthcare stocks leading the downswing on a variety of economic news. New home sales decreased in August. Newly constructed home sales dipped 7.6% to an annual rate of 609,000 units, versus July’s upwardly revised addition of 659,000 units. Sales exceeded consensus expectations of 595,000. The markets rallied on Tuesday with Technology brands leading the way up amid the release of favorable consumer sentiment data. The Conference Board Consumer Confidence Index added 2.3 points to 104.1 in September, a level not seen since August 2007. The result far exceeded an expected reading of 98.8, and was up from 101.8 in August. Stocks rallied alongside a lift in crude oil on Wednesday. West Texas Intermediate crude tacked on 4.52% to settle at $46.69 a barrel. Following a three-day energy meeting in Algeria, the Organization of Petroleum Exporting Countries (OPEC) agreed to reduce oil production to 32.5 million barrels a day in November. Stocks sold off on Thursday, trading lower on a variety of economic news. Gross Domestic Product levels ticked up in the second quarter as the Bureau of Economic Analysis’ third estimate showed real GDP increased 1.4%, slightly above the prior two quarters and prior estimates. Consumer spending tacked on 4.3% over the quarter. Additionally, initial jobless claims climbed with Labor Department figures showing new claims rose by 3,000 to 254,000, while continuing claims decreased by 46,000 to 2.062 million in the week ended September 17. Technology and Financial stocks stepped up on Friday. West Texas Intermediate crude oil also rose, adding 0.29% to settle at $47.97 a barrel. The University of Michigan’s Consumer Sentiment Index hit 91.2 this month versus expectations of a 90 reading. In other items, U.S. personal income increased slightly in August, matching estimates. Bureau of Economic Analysis data showed incomes rose 0.2% last month, versus July’s 0.4% gain.