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posted on 15 December 2017 Weekly Wrap Up 15December 2016

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U.S. stocks higher at close of trade; Dow Jones Industrial Average up 0.58%

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

At the close in NYSE, the Dow Jones Industrial Average rose 0.58% to hit a new all time high, while the S&P 500 index climbed 0.90%, and the NASDAQ Composite index added 1.17%.

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The best performers of the session on the Dow Jones Industrial Average were Intel Corporation (NASDAQ:INTC), which rose 3.01% or 1.30 points to trade at 44.56 at the close. Meanwhile, Microsoft Corporation (NASDAQ:MSFT) added 2.55% or 2.16 points to end at 86.85 and Pfizer Inc (NYSE:PFE) was up 2.03% or 0.74 points to 37.20 in late trade.

The worst performers of the session were International Business Machines (NYSE:IBM), which fell 0.97% or 1.50 points to trade at 152.50 at the close. DowDuPont Inc (NYSE:DWDP) declined 0.46% or 0.32 points to end at 70.00 and 3M Company (NYSE:MMM) was down 0.03% or 0.08 points to 238.00.

The top performers on the S&P 500 were Under Armour Inc A (NYSE:UAA) which rose 9.77% to 15.17, Under Armour Inc C (NYSE:UA) which was up 9.40% to settle at 13.620 and Discovery Communications C Inc (NASDAQ:DISCK) which gained 5.90% to close at 19.75.

The worst performers were CSX Corporation (NASDAQ:CSX) which was down 7.64% to 52.93 in late trade, Mattel Inc (NASDAQ:MAT) which lost 4.68% to settle at 15.48 andCentene Corporation (NYSE:CNC) which was down 4.20% to 94.86 at the close.

The top performers on the NASDAQ Composite were LongFin Corp Class A (NASDAQ:LFIN) which rose 307.59% to 22.01, ShiftPixy Inc (NASDAQ:PIXY) which was up 79.72% to settle at 3.90 and PhaseRx Inc (NASDAQ:PZRX) which gained 33.53% to close at 0.49.

The worst performers were TrovaGene Inc (NASDAQ:TROV) which was down 41.31% to 0.253 in late trade, One Horizon Group Inc (NASDAQ:OHGI) which lost 39.29% to settle at 1.8700 and Reven Housing Reit Inc (NASDAQ:RVEN) which was down 22.84% to 3.04 at the close.

Rising stocks outnumbered declining ones on the New York Stock Exchange by 2106 to 1016 and 105 ended unchanged; on the Nasdaq Stock Exchange, 1766 rose and 774 declined, while 123 ended unchanged.

Shares in Microsoft Corporation (NASDAQ:MSFT) rose to all time highs; rising 2.55% or 2.16 to 86.85. Shares in Pfizer Inc (NYSE:PFE) rose to 52-week highs; rising 2.03% or 0.74 to 37.20. Shares in LongFin Corp Class A (NASDAQ:LFIN) rose to all time highs; gaining 307.59% or 16.61 to 22.01. Shares in TrovaGene Inc (NASDAQ:TROV) fell to all time lows; down 41.31% or 0.178 to 0.253. Shares in Reven Housing Reit Inc (NASDAQ:RVEN) fell to 52-week lows; falling 22.84% or 0.90 to 3.04.

The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 10.20% to 9.42.

Gold Futures for February delivery was up 0.12% or 1.50 to $1258.60 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in January rose 0.53% or 0.30 to hit $57.34 a barrel, while the February Brent oil contract fell 0.08% or 0.05 to trade at $63.26 a barrel.

EUR/USD was down 0.20% to 1.1755, while USD/JPY rose 0.20% to 112.61.

The US Dollar Index Futures was up 0.32% at 93.94.

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The dollar bounced higher against other major currencies on Friday, but gains were expected to remain limited by downbeat U.S. data and fresh concerns over U.S. tax reform plans.

Data on Friday showed that both U.S. industrial and manufacturing production rose less than expected in November.

The report came shortly after the New York Federal Reserve said its Empire State manufacturing index fell to 18.0 in December from 19.4 the previous month, confounding expectations for a reading of 18.6.

The greenback had come under pressure after two U.S. Republican senators on Thursday sought changes to the proposed U.S. tax reform bill.

The bill needs a simple majority to pass in the Senate, in which Republicans hold just 52 of the 100 seats.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.12% at 93.76 by 10:40 a.m. ET (14:40 GMT), off session lows of 93.75.

The euro was little changed, with EUR/USD at 1.1777, while GBP/USD declined 0.75% to 1.3330.

USD/JPY added 0.18% to 112.17, while USD/CHF rose 0.29% to 0.9921.

Elsewhere, the Australian dollar was steady, with AUD/USD at 0.7665, while NZD/USDgained 0.37% to trade at 0.7010.

Meanwhile, USD/CAD was almost unchanged at 1.2796 after data showed that Canada's manufacturing sales fell 0.4% in October, compared to expectations for a 0.8% rise.

Commitments of Traders

This week crude oil net longs reached still another all-time high. Bullishness increased on the euro and the S&P 500, while bullishness declined sharply for gold, silver, and copper.

Note: This data is for the week ending on Tuesday 12 December so the last three days of trading is not reflected.



Gold prices were roughly unchanged on Friday as gains were capped by a rise in the dollar amid growing investor optimism on tax reform.

Gold futures for February delivery on the Comex division of the New York Mercantile Exchange rose by $0.40, or 0.04%, to $1,257.60 a troy ounce.

Optimism on tax reform grew following reports suggesting that Republicans secured enough votes for the bill passage, boosting the dollar, while limiting gains in the precious metal.

CNBC, citing two sources, said Marco Rubio will support the final Republican tax bill after the GOP made changes to win his vote.

Rubio, earlier this week, had said he would not approve the GOP tax plan unless it raises the refundable portion of the child tax credit currently at $1,100. Tax-reform is widely viewed as inflationary, and expected to provide the economy with a fiscal lift.

Gold prices were on track to snap a three-week losing streak after rising sharply following the Federal Reserve interest rate decision to raise rates, and maintain its outlook for additional monetary policy tightening.

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 rose 0.85% to $16.07 a troy ounce, while platinum futures gained 0.91% to $889.25.

Copper traded at $2.94, up 1.94%, while natural gas fell by 3.32% to $2.60 despite data on Thursday showing natural gas storage fell more than expected last week.


Crude oil prices settled higher on Friday as traders cheered data showing the number of oil rigs operating in the US fell for the first time in six weeks, while ongoing optimism on strong OPEC compliance with the deal to cut production lifted sentiment.

On the New York Mercantile Exchange crude futures for January delivery added 26 cents to settle at $57.30 a barrel, while on London's Intercontinental Exchange, Brent fell 5 cents to trade at $63.26 a barrel.

The number of oil rigs operating in the US for week ending Dec. 15, fell by four to 747, declining for the first time in six weeks, according to data from energy services firm Baker Hughes.

Crude prices eked out a weekly gain, snapping a three-week losing streak, despite data this week pointing to rising US output, dampening OPEC’s efforts to rid the market of excess crude supplies.

The International Energy Agency (IEA) in its monthly oil market report, published on Thursday, revised upward its projection for US oil production, warning that total supply growth could exceed demand growth in the months ahead.

Rising US oil production comes as OPEC compliance with the deal to curb production reached its highest this year, rising to 115%.

The ongoing Forties pipeline shutdown earlier this week was one of the catalysts driving oil prices higher, as market participants expect 40% of North Sea oil and gas flows to remain shut for weeks, tightening supplies.

Natural Gas (Wednesday report)

Natural gas futures ticked higher on Wednesday, but held near their lowest level in nine months, as market players continued to monitor winter weather forecasts to gauge demand for the fuel.

U.S. natural gas futures tacked on 0.8 cents, or around 0.3%, to $2.686 per million British thermal units (btu) by 10:05AM ET (1505GMT).

It touched its worst level since early Feb. 28 at $2.657 on Tuesday amid forecasts for less heating demand through late December.

Natural gas futures have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on early-winter heating demand.

Prices of the fuel typically rise ahead of the winter as colder weather sparks heating demand. The heating season from November through March is the peak demand period for U.S. gas consumption.

Meanwhile, investors looked ahead to weekly data from the U.S. on gas supplies in storage. The U.S. Energy Information Administration (EIA) will release its official weekly natural gas storage report for the week ended Dec. 8 at 10:30AM ET (1530GMT) Thursday, amid expectations for a in a range between 57 and 69 billion cubic feet (bcf).

That compares with a gain of 2 bcf in the preceding week, a fall of 147 bcf a year earlier and a five-year average decline of 78 bcf.

Total natural gas in storage currently stands at 3.695 trillion cubic feet (tcf), according to the U.S. Energy Information Administration. That figure is 264 bcf, or around 6.6%, lower than levels at this time a year ago and 36 bcf, or roughly 1%, below the five-year average for this time of year.

Analysts estimated the amount of gas in storage would end the April-October injection season at 3.8 tcf due primarily to higher liquefied natural gas shipments abroad. That would fall short of the year-earlier record of 4.0 tcf and the five-year average of 3.9 tcf.

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