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04Dec2015 Market Close: US Markets Closed Over Two Percentage Points Higher, WTI Closes Down In The Low 40's And Gold Closes Sharply Higher

Written by Gary

U.S. stock indexes jumped more than 2 percent today as U.S. jobs data suggested the economy was strong enough to sustain a Federal Reserve rate hike this month. The DOW closed up 370 points and the SP500 closed up 2.05%.

Oil prices dropped Friday after OPEC decided to maintain current production levels even as crude markets remain mired in a supply glut. After the announcement, WTI fell to 39.63 and closed at 40.12 with the US dollar inching up to 98.33.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

OPEC fails to agree production ceiling after Iran pledges output boost

VIENNA (Reuters) - OPEC members failed to agree an oil production ceiling on Friday at a meeting that ended in acrimony, after Iran said it would not consider any production curbs until it restores output scaled back for years under Western sanctions.

First GM China-made import to U.S. to go on sale in mid-2016: GM

DETROIT (Reuters) - By next summer, the Buick Envision small SUV will become the first General Motors Co model imported from China to be sold in the United States, the company said on Friday.

Wall St. jumps as jobs data underscores U.S. economic strength

(Reuters) - U.S. stocks jumped more than 2 percent on Friday as U.S. jobs data suggested the economy was strong enough to sustain a Federal Reserve rate hike this month.

UAW makes step in U.S. South with vote at VW Tennessee plant

DETROIT (Reuters) - The United Auto Workers union, after decades of failed attempts, is expected by Friday night to have won its first organizing vote at a foreign-owned auto assembly plant in the U.S. South.

U.S. carmakers cautious on Pacific trade pact benefits

WASHINGTON (Reuters) - U.S. auto makers are unlikely to win a much bigger share of the Japanese vehicle market under special provisions of a new Pacific trade deal, an industry advisory committee report found, although the pact will open new markets in Malaysia and Vietnam.

Dov Charney says exploring plans to revive American Apparel

(Reuters) - American Apparel Inc founder and former Chief Executive Dov Charney said he was exploring plans with potential and existing investors and industry executives to revive the bankrupt company.

Barclays to cut more investment banking jobs: source

(Reuters) - Barclays Plc plans to cut more jobs in its investment banking unit, a source familiar with the matter said, as the British bank steps up efforts to slash costs and boost profit.

Fed's Yellen faces battle in 2016 after getting all clear for December hike

WASHINGTON (Reuters) - Federal Reserve Chair Janet Yellen has the clear signs she wanted of labor market healing to push ahead with the first U.S. rate rise in a decade in December, but may have a tougher time selling further hikes to a skeptical board.

Dow Surges 370 Points, Capping Rocky Week

The Dow capped a rocky week with its biggest point gain in nearly three months after investors cheered a solid U.S. jobs report that bolstered the case for the U.S. Federal Reserve to raise interest rates this year.

Oil Falls Below $40 on OPEC Decision

Oil prices dropped Friday after the Organization of the Petroleum Exporting Countries decided to maintain current production levels even as crude markets remain mired in a supply glut.

Hedge Funds Caught Out by ECB's Move

Investors in hedge funds are bracing for losses after many funds trading macroeconomic themes were caught off guard by the European Central Bank on Thursday.

GoPro stock spirals to new all-time low

GoPro slides to a new low on Friday after a disappointing outlook from key supplier Ambarella leads analysts to cut quarterly revenue estimates for the maker of action cameras.

Terror attacks have cost the travel industry $8.2 billion

Heightened security as consumers adjust to new normal

Market Extra: End of dollar rally would confound market forecasts

Thursday's brutal euro short squeeze has shown once again that, despite all the talk of euro-dollar parity, there appears to be little demand for dollars once the ICE U.S. Dollar index breaks above the 100 level.

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