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posted on 09 December 2016

Investing,com Weekly Wrap-up 09 December 2016

Written by , Investing.com

U.S. stocks higher at close of trade; Dow Jones Industrial Average up 0.72%

U.S. stocks were higher after the close on Friday, as gains in the Healthcare, Consumer Goods and Utilities sectors led shares higher.

At the close in NYSE, the Dow Jones Industrial Average gained 0.72% to hit a new all time high, while the S&P 500 index climbed 0.59%, and the NASDAQ Composite index gained 0.50%.

The best performers of the session on the Dow Jones Industrial Average were Pfizer Inc (NYSE:PFE), which rose 2.49% or 0.77 points to trade at 31.71 at the close. Meanwhile, Coca-Cola Company (NYSE:KO) added 2.46% or 1.01 points to end at 41.99 and Merck & Company Inc (NYSE:MRK) was up 1.80% or 1.08 points to 61.20 in late trade.

The worst performers of the session were Caterpillar Inc (NYSE:CAT), which fell 0.76% or 0.73 points to trade at 95.54 at the close. Wal-Mart Stores Inc (NYSE:WMT) declined 0.34% or 0.24 points to end at 70.10 and American Express Company (NYSE:AXP) was down 0.21% or 0.16 points to 74.75.

The top performers on the S&P 500 were Broadcom Ltd (NASDAQ:AVGO) which rose 4.91% to 179.09, Alexion Pharmaceuticals Inc (NASDAQ:ALXN) which was up 4.82% to settle at 132.07 and Arconic Inc (NYSE:ARNC) which gained 4.26% to close at 21.80.

The worst performers were Kohl’s Corporation (NYSE:KSS) which was down 3.26% to 57.49 in late trade, Skyworks Solutions Inc (NASDAQ:SWKS) which lost 3.26% to settle at 76.93 and Urban Outfitters Inc (NASDAQ:URBN) which was down 3.25% to 34.19 at the close.

The top performers on the NASDAQ Composite were Sysorex Global (NASDAQ:SYRX) which rose 48.28% to 0.4300, Delta Technology Holding Ltd (NASDAQ:DELT) which was up 41.27% to settle at 1.0200 and Opexa Therapeutics Inc (NASDAQ:OPXA) which gained 40.70% to close at 1.210.

The worst performers were Superconductor Technologies Inc (NASDAQ:SCON) which was down 28.71% to 1.4400 in late trade, Metabolix Inc (NASDAQ:MBLX) which lost 27.80% to settle at 0.368 and Transgenomi (NASDAQ:TBIO) which was down 27.64% to 0.2605 at the close.

Rising stocks outnumbered declining ones on the New York Stock Exchange by 1590 to 1556 and 95 ended unchanged; on the Nasdaq Stock Exchange, 1468 rose and 1015 declined, while 128 ended unchanged.

Shares in Broadcom Ltd (NASDAQ:AVGO) rose to all time highs; gaining 4.91% or 8.38 to 179.09.

The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 6.65% to 11.80.

Gold for February delivery was down 0.99% or 11.55 to $1160.85 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in January rose 1.14% or 0.58 to hit $51.42 a barrel, while the February Brent oil contract rose 0.72% or 0.39 to trade at $54.28 a barrel.

EUR/USD was down 0.61% to 1.0552, while USD/JPY rose 1.13% to 115.31.

The US Dollar Index was up 0.52% at 101.64.

Read additional news from Reuters at Investing.com.

Forex

The dollar extended gains against the other majors currencies on Friday, boosted by the release of U.S. consumer sentiment data and as investors began to turn their attention to the Federal Reserve’s policy meeting next week.

In a preliminary report, the University of Michigan said its consumer sentiment index rose to a 23-month high of 98.0 in December from 93.8 the previous month, beating expectations for an increase to 94.5.

The greenback also remained supported ahead of the Fed’s policy meeting next week, amid sustained expectations for a rate hike.

EUR/USD dropped 0.65% to 1.0548, the lowest since December 5, still affected by the ECB’s decision at its monthly policy meeting on Thursday to extend its asset purchase program for an additional nine months.

Beyond the program’s scheduled end in March 2017, the central bank said net asset purchases are intended to continue at a monthly pace of €60 billion until the end of December 2017, or beyond, if necessary.

In addition, the ECB left its benchmark interest rate unchanged at a record-low of zero, in line with forecasts.

Elsewhere, GBP/USD was little changed at 1.2580.

Earlier Friday, data showed that the U.K. trade deficit narrowed to £9.71 billion in October from £13.83 billion in September, whose figure was revised from a previously estimated deficit of £12.70 billion.

Analysts had expected the trade deficit to narrow to £11.80 billion in October.

USD/JPY jumped 0.94% to 11510, while USD/CHF gained 0.38% to 1.0201.

The Australian dollar held steady, with AUD/USD at 0.7465, while NZD/USD slipped 0.17% to 0.7162.

Meanwhile, USD/CAD eased 0.09% to trade at 1.3180.

The commodity-related loonie was supported by sharply higher oil prices on Friday, as oil producers were set to meet in Vienna on Saturday to see if non-OPEC countries will agree to cut production in a move to reduce a global supply glut.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.52% at a fresh four-day high of 101.64.

CTFC Commitment of Traders

This week speculators became more bullish on crude oil and bearish of thew Japanese yen. Bullishness on gold eased.

Note: This data is for the week ending on Tuesday so the last three days of trading are not reflected.

cot.2016.dec.07

Gold

The price of gold declined on Friday, marking the fifth straight weekly retreat for the commodity, as cash continues to flee from exchange-traded funds linked to the precious metal.

Gold futures for February delivery closed down 0.9% at $1,161.90 per troy ounce on the Comex division of the New York Mercantile Exchange.

This settlement level is the metal’s lowest close since February, more than 10 months ago.

Since Donald Trump was elected president, the metal has lost value, as soaring stock markets and climbing bond yields reduced its appeal.

Selling pressure from gold exchange-traded funds continues.

On Friday, gold-based ETFs recorded their 20th straight day of outflows.

Oil

The price of oil climbed on Friday on the New York Mercantile Exchange and on the international market.

West Texas Crude Oil closed at 51.54 today.

That's up 1.34%. Or 68 cents per barrel.

Brent Oilsettled at $54.35.

That's an increase of 0.87%. Or 47 cents per barrel.

Investors are eager to hear news of this weekend's conference of OPEC and non-OPEC oil producing nations. There is a proposal afloat to link the production reductions of OPEC and other countries, like Russia.

President-elect Donald Trump, speaking in the oil-producing state of Louisiana on Friday afternoon, said he would restrict immigration from the Middle East and other "unsafe areas" during his administration.

"We have to stop ISIS; we have to knock them out; we have no choice," said Trump, who was in Baton Rouge, speaking at a rally for a run-off election for the Republican candidate for U.S. Senate in Louisiana.

Trump has called for increased oil production and lessening of environmental regulations which restrict exploration and production in the U.S.

Natural Gas (Thursday Report)

No report this week.

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