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Bob Carey
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  US Stocks Week Ended November 18, 2011
Posted Under: Weekly Market Commentary

 
U.S. stocks fell for the week as renewed contagion fears out of Europe led investors to sell shares. The negative sentiment was driven by an increase in Italian borrowing costs and a note from Fitch Ratings stating that further European contagion fears will pose a risk to American banks. In addition, investors were fearful of further political brinkmanship out of Washington as the supercommittee’s deadline approaches for paring the national debt. U.S. economic news was mostly positive for the week as initial jobless claims fell to a 7 month low and the U.S. leading indicators index rose more than forecasted, signaling growth will continue in 2012. Turning to stock news, Lowe’s gained for the week as earnings beat expectations and sales guidance was above consensus. Boeing Co. also advanced for the week after receiving an order for 70 aircraft from Emirates, one of the largest in company history, for $26 billion. Refiners Valero Energy, Tesoro Corp. and HollyFrontier Corp. declined after Enbridge Inc. announced it will reverse the direction of the Seaway pipeline after acquiring the asset from ConcoPhillips. Reversing the flow of the Seaway pipeline should narrow the Brent -WTI spread, hurting future refining margins. Staples Inc. declined for the week after reporting lower than expected sales and cut its full-year profit outlook because of the challenging market in Europe. Looking ahead, investor sentiment toward the continuing European debt crisis and news from the supercommittee will likely drive markets in the near term. For investors looking past the near term noise, valuations continue to look compelling. Additionally, recent strong U.S. economic news should also support the market, if and when Europe stabilizes.
Posted on Monday, November 21, 2011 @ 2:39 PM • Post Link Share: 
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These posts were prepared by First Trust Advisors L. P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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