How Did the Stock Market Do Today?
Dow Jones: 17,812.56; +19.88; +0.11%
S&P 500: 2,089.14; +2.55; +1.49%
Nasdaq: 4,984.62; +56.73; +1.15%
The Dow Jones Industrial Average today (Tuesday) added 19 points on news of a stronger than expected third-quarter GDP report. The news offset news consumer sentiment, which hit its lowest level in 14 months. This morning, the U.S. Commerce Department announced the economy grew by a faster pace in the third quarter than previously expected. The third-quarter GDP revision showed an increase of a 2.1% annual pace, beating last month’s estimate of 1.5%. Despite the positive gain, investors should be wary of the fact that inventory levels are accelerating.
Top Stock Market News Today
Stock Market News: Five of 10 S&P sectors saw gains on Tuesday, with energy stocks and materials stocks showing the strongest gains. The largest decliner on the day was the telecom sector. Gold prices were up on geopolitical concerns related to the attack on a Russian warplane in Turkey.
Oil in Focus: Oil prices saw strong gains on concerns about geopolitical tensions in the Middle East. This morning, a Russian warplane was shot down near Turkey, raising the stakes on how the international community deals with ISIS. January WTI prices were up 2.9%, trading at $42.97 per barrel. Meanwhile, Brent oil crude – priced in London – added 3.1% to hit $46.24. High-volume stocks Exxon Mobil Corp. (NYSE: XOM) and Chevron Corp. (NYSE: CVX) added 2% and 1.5% on the day, respectively. Shares of Kinder Morgan Inc. (NYSE: KMI) were up 3.1%.
On Tap Tomorrow: On Wednesday, the economic calendar shifts due to the markets being closed on Thursday in observance of the Thanksgiving holiday. Tomorrow’s schedule features an update on weekly jobless claims, new home sales, the EIA Petroleum status, and durable goods. Companies set to report quarterly earnings include Deere & Co. (NYSE: DE) and Donaldson Co. Inc.(NYSE: DCI).
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