Markets Little Moved Ahead Of The Thanksgiving Break
U.S. stocks inched higher on Wednesday as the Dow and S&P 500 closed the day at record highs and investors and traders were dealt a heavy flow of economic data.
According to U.S. data, durable goods rose in October while unemployment benefits also rose last week. Personal income and consumer spending both rose but fell short of what analysts were expecting.
U.S. markets will pause on Thursday for Thanksgiving while OPEC producing nations gather for a meeting. U.S. markets will open as usual on Friday, but close at 1 p.m. ET.
- The Dow gained 0.07 percent, closing at 17,827.75.
- The S&P 500 gained 0.28 percent, closing at 2,072.83.
- The Nasdaq gained 0.61 percent, closing at 4,787.32.
- Gold gained 0.01 percent, trading at $1,197.90 an ounce.
- Oil lost 0.55 percent, trading at $73.68.
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News Of Note
MBA Mortgage Composite Index fell 4.3 percent after rising 4.9 percent last week.
Initial Jobless Claims rose 21,000 to 313,000 (versus expectations of 286,000) while Continuing Claims fell 17,000 to 2.32 million.
October Personal Income rose 0.2 percent month over month (versus expectations of 0.4 percent) after rising 0.2 percent in September.
October Personal Spending rose 0.2 percent month over month (versus expectations of 0.3 percent) after staying flat in September.
October Durable Goods rose 0.4 percent (versus expectations of a 0.6 percent decline) after declining 1.1 percent in September.
Chicago November PMI fell to 60.8 (versus expectations of 63.2) from 66.2 in October.
November Reuters/UofM Consumer Sentiment fell to 88.8 (versus expectations of 90.0) from 89.4 prior.
October Pending Home Sales fell 1.1 percent (versus expectations of a 0.6 percent gain) to 104.1.
October New Home Sales rose 0.7 percent to 458,000 (versus expectations of 470,000) while the median sale price was $305,000.
EIA Crude Inventories rose 1.9 million barrels after rising 2.6 million barrels last week.
EIA Natural Gas Inventor declined 162 bcf (versus expectations of a 150 bcf decline) after declining 17 bcf last week.
Equities News Of Note
Deere & Company (NYSE: DE) reported its fourth-quarter results Wednesday morning. The company earned $1.83 per share, beating the consensus estimate of $1.57. Revenue of $8.04 billion beat the consensus estimate of $7.68 billion. Shares lost 0.91 percent, closing at $86.99.
Analysts at Deutsche Bank maintained a Buy rating on Nike Inc (NYSE: NKE) with a price target with a price target raised to $105 from a previous $95. Shares gained 0.52 percent, closing at $97.80.
Seadrill Ltd (NASDAQ: SDRL) suspended its dividend payments due to "significant deterioration" in the overall market. Shares plunged to new 52-week lows of $15.93 before closing the day at $15.99, down 22.79 percent.
According to Reuters (reported after Tuesday's market close), Carl Icahn raised his stake in Hertz Global Holdings, Inc. (NYSE: HTZ) to 10.77 percent from 8.48 percent. Shares lost 3.88 percent, closing at $24.27.
Quote Of The Day
"Gratitude is the inward feeling of kindness received. Thankfulness is the natural impulse to express that feeling. Thanksgiving is the following of that impulse." - Henry Van Dyke
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