On holiday shortened session Friday (November 28, 2014), the U.S stock markets were mixed. The Dow Jones Industrial Average (DJIA) closed flat by increasing just 0.49 points to 17,828; the S&P 500 (SPX) decreased by 0.25%, to 2,068; the Nasdaq Composite (COMP) rose by 0.09%, to 4,792.
On weekly basis, DJIA increased by 18.18 points; S&P 500 increased by 4.06 points; Nasdaq Composite rose by 78.66 points.
On the year-to-date basis, DJIA increased by 7.55%, S&P 500 rose by 11.86%, and Nasdaq Composite increased by 14.73%.
Last week, U.S. investors focused on the following economic data and developments;
- On Thursday, OPEC ministers announced that they were unable to agree on a set of production cuts to curb the decline in oil prices. Thus energy stocks fell sharply on Friday, while consumer companies rose.
- European Central Bank President Mario Draghi said the European Central Bank may broaden its asset-buying program to include the purchase of government bonds. In addtion, rate cut from China and new stimulus from Japan’s Central Bank supported the markets.
- The U.S economy growth rate revised up to 3.9% from the first estimate 3.5% in the third quarter. The expectation was a down to 3.3%. Private inventory investment decreased less than previously estimated, and both personal consumption expenditures and nonresidential fixed investment increased more, increase in exports fell.
- U.S new home sales increased to 458.000 in October from previous month’s revised number 455.000. The estimate was 470.000. In addition, pending home sales index decreased by 1.1%. The expectation was a 0.6% increase.
- The S&P/Case-Shiller Home Price Index increased 0.3% in September, up from 0.1% decrease in August.
- US weekly initial jobless claims rose by 21.000 to 313.000, which is higher than the estimate of 286.000. The four-week moving average rose 6.250 to 294.000.
- U.S consumer confidence index dropped unexpectedly to 88.7 in November from 94.1 in September
- U.S personal income rose by 0.2% in Octoberafter advancing 0.2% in September. The wages & salaries component gained 0.3% after increasing 0.2% the month before. Consumer spending also increased by 0.2% in October. Spending had fell by 0.2% in September.
- U.S durable goods orders rose by 0.4% in Ocotober. The estimate was a decrease of 0.5%. Excluding transportation, orders decreased by 0.9%.
- The Institute for Supply Management’s Chicago PMI slipped to 60.8 from 66.2 in October.