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posted on 24 November 2017 Weekly Wrap-Up 24November 2017

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U.S. stocks higher at close of trade; Dow Jones Industrial Average up 0.14%

U.S. stocks were higher after the close on Friday, as gains in the Technology, Basic Materials and Oil & Gas sectors led shares higher.

At the close in NYSE, the Dow Jones Industrial Average added 0.14%, while the S&P 500 index gained 0.21%, and the NASDAQ Composite index added 0.32%.

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The best performers of the session on the Dow Jones Industrial Average were Visa Inc(NYSE:V), which rose 1.04% or 1.15 points to trade at 111.97 at the close. Meanwhile, DowDuPont Inc (NYSE:DWDP) added 0.79% or 0.56 points to end at 71.16 and UnitedHealth Group Incorporated (NYSE:UNH) was up 0.61% or 1.29 points to 212.51 in late trade.

The worst performers of the session were Caterpillar Inc (NYSE:CAT), which fell 0.45% or 0.62 points to trade at 137.39 at the close. American Express Company (NYSE:AXP) declined 0.36% or 0.34 points to end at 93.48 and JPMorgan Chase & Co (NYSE:JPM) was down 0.32% or 0.32 points to 98.32.

The top performers on the S&P 500 were DaVita HealthCare Partners Inc (NYSE:DVA) which rose 3.18% to 57.15, Inc (NASDAQ:AMZN) which was up 2.58% to settle at 1186.00 and Broadcom Ltd (NASDAQ:AVGO) which gained 2.55% to close at 282.38.

The worst performers were Signet Jewelers Ltd (NYSE:SIG) which was down 6.06% to 49.80 in late trade, Scana Corporation (NYSE:SCG) which lost 3.75% to settle at 41.86 andTarget Corporation (NYSE:TGT) which was down 2.80% to 55.88 at the close.

The top performers on the NASDAQ Composite were Marathon Patent Group Inc (NASDAQ:MARA) which rose 171.69% to 5.950, US Global Investors Inc (NASDAQ:GROW) which was up 59.42% to settle at 4.910 and Riot Blockchain Inc (NASDAQ:RIOT) which gained 47.59% to close at 23.6000.

The worst performers were Global Brokerage Inc Class A (NASDAQ:GLBR) which was down 29.12% to 0.41 in late trade, Medigus Ltd ADR (NASDAQ:MDGS) which lost 24.66% to settle at 1.680 and Integrated Media Technology Ltd (NASDAQ:IMTE) which was down 18.74% to 8.13 at the close.

Rising stocks outnumbered declining ones on the New York Stock Exchange by 1847 to 1155 and 132 ended unchanged; on the Nasdaq Stock Exchange, 1398 rose and 1108 declined, while 129 ended unchanged.

Shares in Inc (NASDAQ:AMZN) rose to all time highs; up 2.58% or 29.84 to 1186.00. Shares in Broadcom Ltd (NASDAQ:AVGO) rose to all time highs; rising 2.55% or 7.01 to 282.38. Shares in Global Brokerage Inc Class A (NASDAQ:GLBR) fell to all time lows; losing 29.12% or 0.17 to 0.41. Shares in US Global Investors Inc (NASDAQ:GROW) rose to 3-years highs; rising 59.42% or 1.830 to 4.910. Shares in Medigus Ltd ADR (NASDAQ:MDGS) fell to 52-week lows; down 24.66% or 0.550 to 1.680. Shares in Riot Blockchain Inc (NASDAQ:RIOT) rose to 3-years highs; rising 47.59% or 7.6100 to 23.6000.

The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 2.13% to 9.67.

Gold Futures for December delivery was down 0.32% or 4.16 to $1288.04 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in January rose 1.64% or 0.95 to hit $58.97 a barrel, while the January Brent oil contract rose 0.52% or 0.33 to trade at $63.88 a barrel.

EUR/USD was up 0.72% to 1.1936, while USD/JPY rose 0.31% to 111.56.

The US Dollar Index Futures was down 0.34% at 92.72.

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The dollar fell sharply against a basket of major currencies after the euro strengthened amid easing German geopolitical uncertainty as Germany’s Social Democrats said it would consider talks with Angela Merkel’s Christian Democratic party to form a government.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.39% to 92.68.

Hubertus Heil, the general secretary, said early on Friday:

“The Social Democratic Party (SPD) is firmly convinced that talks have to take place. The SPD is not closed to talks."

The announcement eased days of uncertainty surrounding the future of the Angela Merkel after she announced Monday that she failed to form the country’s next government.

EUR/USD rose to 0.68% to $1.1932, while EUR/GBP rose 0.56% to £0.8952 as data showed confidence among German businesses topped expectations.

GBP/USD rose 0.14% to $1.3227, while USD/JPY made strong gains, rising 0.30% to Y111.56 as investor appetite for riskier assets continued, reducing demand for safe-haven yen.

USD/CAD fell 0.02% to C$1.2712 on the back of an uptick in the Canadian dollar amid bullish oil prices.

Commitments of Traders

This week Crude oil net longs reached an all-time high, while Japanese yen net shorts were at 4-year high.

Note: This data is for the week ending on Tuesday 14 November so the last three days of trading is not reflected.



Gold prices fell on Friday as investors appeared to take profit on recent gains, while German geopolitical uncertainty eased supporting an uptick in US Treasury yields which weighed on sentiment.

Gold futures for December delivery on the Comex division of the New York Mercantile Exchange fell by $4.42, or 0.34%, to $1287.74 a troy ounce.

Gold prices struggled to pare losses sustained earlier the week snapping a two-week winning streak on Friday amid falling geopolitical uncertainty and profit taking.

The uncertainty surrounding the future leadership position of German chancellor Angela Markel eased after Germany’s Social Democrats said it would consider talks with Angela Merkel’s Christian Democratic party to form a government. Hubertus Heil, the general secretary, said early on Friday:

“The Social Democratic Party (SPD) is firmly convinced that talks have to take place. The SPD is not closed to talks."

Easing geopolitical turmoil boosted United States 10-Year to session highs, capping upside momentum in the precious metal.

Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.

In other precious metal trade, silver futures fell 0.61% to $17.08 a troy ounce, while platinum futures added 0.46% to $945.05.

Copper traded at $3.18, up 1.21% while natural gas fell by 4.78% to $2.83.


Crude oil prices settled higher on Friday supported by tighter supplies amid ongoing disruption to the Keystone pipeline, while a report suggesting OPEC and Russia agreed on a plan to extend output curbs lifted sentiment.

On the New York Mercantile Exchange crude futures for December delivery rose 1.6% to settle at $58.95 a barrel, while on London's Intercontinental Exchange, Brent gained 0.58% to trade at $63.90 a barrel.

Crude oil prices settled at above two-year highs as the disruption to the Keystone pipeline connecting Canada’s Alberta oil sands to U.S. refineries continued to limit supplies. The line was shut last week following a 5,000-barrel spill in South Dakota.

Ahead of the OPEC Nov. 30 meeting, investors cheered a report suggesting OPEC and Russia agreed on a plan framework to extend output cuts beyond March.

After days of talks, Moscow and Riyadh now agree they should announce an additional period of cuts at the Nov. 30 meeting, Bloomberg reported, citing people involved in the conversations.

The OPEC-led production cuts have been one of the key catalyst supporting the recent rally in oil prices amid expectations that rebalancing in oil markets are well underway.

The report of a potential OPEC-Russia agreement on plans to extend the accord comes amid weeks of uncertainty about whether Russia would agree to extend output cuts amid fears that major oil producers who are not part of the pact will ramp up output to gain market share.

U.S. crude production rose to weekly record of 9.66 million bpd, the Energy Information Agency said Wednesday.

Natural Gas (Wednesday report from Seeking Alpha)

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