OIL PLUNGES TO 7-YEAR LOW: Here's what you need to know
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Stocks closed higher for the first time this week, while crude oil slipped to a new seven-year low.
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First, the scoreboard:
- Dow: 17,574.75, +82.45, (0.47%)
- S&P 500: 2,052.23, +4.61, (0.23%)
- Nasdaq: 5,045.17, +22.31, (0.44%)
And now, the top stories on Thursday:
- OPEC pumped the most oil in three years last month. The cartel's monthly oil-market report, published on Thursday, showed that it pumped about 32 million barrels of oil per day in November, surpassing the record it hit just a few months prior. Iraqi output surged, while Saudi Arabia, Nigeria, and Libya pulled back. This record was the latest confirmation that OPEC remains resolute in its fight to maintain market share and try to squeeze smaller competitors out of the market. Before rivalry heated up, OPEC regulated members' supplies to make oil prices ideal for them.
- West Texas Intermediate crude-oil futures fell to a new seven-year low in volatile trading. In New York, WTI fell 1% to as low as $36.55 per barrel. Oil prices have been under pressure since OPEC's meeting last Friday, when it decided to raise its production target to 31.5 million barrels per day.
- Men's Wearhouse shares fell by as much as 23%, after the retailer revealed that it is booking a $90.1 million charge for its failed investment in Jos. A. Bank. Men's Wearhouse CEO Doug Ewert said in a statement that the company knew it would have to adjust Jos. A. Bank's aggressive promotions model, but underestimated how these changes would affect it in the near term. The statement said comparable-store sales were down 35.1% quarter-to-date through last week. It reported a third-quarter net loss of $27.15 million, or $0.56 per share.
- Chipotle CEO Steve Ells apologized on national TV following the E. coli investigation linked to the restaurant chain. On the "Today" show, Ells said that the company is taking steps to make sure Chipotle becomes the safest place to eat. As many as 120 Boston College students and others in the area fell ill with norovirus, an intense stomach bug, after they ate at Chipotle.
- In economic data, initial jobless claims rose more than expected last week, by 13,000 to 282,000. Economists had estimated that 270,000 first-time filings for unemployment insurance were made - little changed from the previous week. HSBC economists cautioned clients to account for the seasonal impact of the holiday period.
- The US budget deficit expanded to $65 billion in November, up 14% year-on-year. Analysts had expected a $68 billion deficit, according to Reuters.
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