Wall Street Sees Weekly Gains Amid Mixed Trading
Wall Street experienced a mixed trading session, yet celebrated solid weekly gains. The Dow climbed 426 points, marking its third consecutive day of increases. Meanwhile, the S&P 500 also moved higher, achieving its fifth consecutive gain. The Nasdaq managed to close just above breakeven, as investors shifted their focus from technology stocks to those more sensitive to economic changes. The smaller-cap stocks soared back, with the Russell 2000 Index (RUT) finishing positive for all five trading days this week, securing its third weekly win in four.
The day’s trading activity was notably influenced by Bitcoin’s price approaching the much-anticipated $100,000 threshold. Additionally, traders analyzed the recent November PMI reading and consumer sentiment data.
Read on for insights into today’s market:
- Watch for developments on a promising telehealth stock.
- Retail ETFs are trading at two-year highs just ahead of Black Friday.
- Discover retail stocks to monitor, upcoming fintech earnings, and a casino stock reaching new highs.
5 Key Updates for Today
- A New York judge has postponed sentencing President-elect Donald Trump regarding his hush money case. (CNBC)
- President Vladimir Putin announced that Russia will continue testing its new Oreshnik hypersonic missile in combat. (Reuters)
- Two retail stocks demonstrated significant post-earnings performance.
- Two fintech stocks reported strong quarterly results.
- Increased coverage helped this casino stock reach new highs.
Oil and Gold Prices Rise Significantly
On Friday, oil futures rebounded, with a weekly increase of 6.4%, as traders watched closely for developments in the Ukraine-Russia conflict. European business activity has reached a 10-month low, raising concerns about a potential decline in energy demand. During the session, January-dated West Texas Intermediate (WTI) crude rose $1.14, or 1.6%, closing at $71.24 per barrel.
Gold prices are set to increase by 5.3% this week, marking the best performance since March 2023, driven by heightened demand for safe-haven assets due to the ongoing Russia-Ukraine war. The December delivery of gold was last noted at 1.3% higher, hovering near $2,706 an ounce.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
