STOCKS RISE: Here's what you need to know
Stocks fell in the morning and then climbed back up in the afternoon.
But, ultimately, stocks closed out a wild week mixed.The S&P 500 fell, while its peers finished in the green.
AdvertisementFirst up, the scoreboard:
- Dow: 18,842.97, +35.09, (+0.19%)
- S&P 500: 2,165.96, -2.44, (-0.11%)
- Nasdaq: 5,238.15, +29.23, (+0.56%)
- WTI crude oil: $43.25, -$1.41, (-3.16%)
- Warren Buffett is behind Trump, even though he didn't support him in the election. "I support any president of the United States," he said in an interview with CNN's Poppy Harlow. "It's very important that the American people coalesce behind the president. Doesn't mean they can't criticize him or they can't disagree with what he's doing maybe but we need a country unified by a president."
- Trump reportedly might walk back his promise to fully repeal the Wall Street Reform Act, according to a report from the Wall Street Journal. The Journal said Trump's transition team was more focused on ripping up provisions such as regulators' ability to subject large nonbank financial institutions to tougher Federal Reserve regulations or take over failing companies, while embracing other aspects related to credit-rating firms and derivatives.
- Oil tumbled as OPEC output swelled at the fastest pace in 8 years. This increase throws into doubt the chances that the oil cartel will implement limits to its production levels when it meets November 30. Reduced output could lift oil prices and the economies of OPEC members dependent on revenue from exports.
- The euro has had a rough week. The currency was down by about 0.5% at 1.0833 against the dollar in the early afternoon, which marked the fifth consecutive session the currency fell. As for why the euro has been slipping, Marc Chandler, the global head of currency strategy at Brown Brothers Harriman, presented two ideas: first, "the political calendar and the forces of national. The second is the widening interest rate differential between the US and Germany."
- The US oil rig count rose by two this week, according to Baker Hughes. Demand for oil rigs rose in the second half of this year as crude prices stabilized in a price range between $40 and $50 per barrel, and producers became more confident about market conditions.
- Consumer confidence rebounded from a 2-year low, but with an important catch. The index of consumer sentiment jumped to 91.6 from 87.2, more than economists had forecast. But the caveat was that data for this report was collected before the presidential election.
The way the market responded to Trump's win shows Wall Street has finally learned a fundamental lesson.Gold could soar under President Trump.
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