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US Stocks Ended Nov. 25, 2016
The Dow Jones Industrial Average and the S&P 500 closed at record highs on Friday amid expectations for less regulation, reduced corporate taxation and higher infrastructure spend. Stocks rose for the third consecutive week with the largest gains coming from small-cap stocks as the Russell 2000 closed higher for the 15th consecutive trading day on Friday. In economic news, existing home sales unexpectedly climbed in October to their highest level since February 2007 as higher incomes, steady hiring and stronger consumer balance sheets drove demand for homes. However, new home sales for October slightly missed expectations. In stock news, Deere & Co. shares surged after doubling analyst expectations for fiscal fourth quarter earnings on cost cuts as revenue declined for the third consecutive year. Shares of Eli Lilly fell nearly 10% for the week after announcing disappointing Phase 3 results for its Alzheimer's drug Solanuzemab. Dollar Tree Inc. rose after better-than-expected same store sales as increased traffic and purchases per costumer drove better comparable sales. Despite beating earnings for the current quarter, Palo Alto Networks Inc. declined after reporting disappointing revenue guidance as the cybersecurity company transitions to a cloud-based subscription model. Looking ahead, investors will be focused on November's employment report and the Fed meeting on December 14th, which is now pricing in a 100% chance of a rate hike, according to the futures market.
Monday, November 28, 2016 @ 8:03 AM
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.