U.S Stocks Extend Weekly Winning Streak Amid Mixed Economic Reports

Strategic Insights -

U.S stocks began the week on a positive note, with the S&P 500 Index extending its winning streak, as investors digested mixed economic reports that showed a faster-than-forecasted growth in durable goods orders, a slight increase in consumer income, and a modest rise in consumer spending in November. The Dow Jones Industrial Average Index and the NASDAQ Composite also posted gains, with telecommunications shares leading the way.

Key Takeaways:

  • The S&P 500 Index rose 3.82 points or 0.30 percent to reach 1257.82 points, extending its weekly winning streak.
  • The Dow Jones Industrial Average Index rose 40.08 points or 0.33 percent to reach 12209.73 points.
  • Telecommunications shares led the gains among 9 groups on the Dow Jones Industrial Average Index, with Verizon Communications Inc rallying 0.99 percent.
  • Eastman Kodak Co jumped 9.52 percent after the company agreed to divest its Eastman Gelatine business and named Laura Quatela president.
  • The best performing sectors within the Dow were Consumer Services, Telecommunications, and Oil & Gas shares, respectively.
  • The S&P 500's best performing sectors were Technology, Consumer Services, and Utilities shares, respectively.

Statistics:

  • The Dollar index, which measures the performance of the U.S. dollar against a basket of currencies, traded at 79.98, its highest level at 80.01 and its lowest at 79.72.
  • Gold prices steadied at $1608.06 per ounce, climbing slightly from the opening price of $1607.23.
  • Oil prices picked up faintly to trade around $99.64 after opening at $99.38 per barrel.
  • The NASDAQ Composite rose 7.04 points or 0.27 percent to reach 2606.49 points.

Sources:

  • ecPulse.com
  • Syndigate.info
  • Albawaba.com