US stocks ended mostly flat in a holiday-shortened session today as a massive decline in the energy sector offset strength in consumer names, but major indexes still rose for a sixth straight week.
By Paolo Palazzi-Xirinachs
Saturday, November 29, 2014
The Dow Jones Industrial rose 0.49 points to 17,828.24, the S&P 500 lost 5.27 points, or 0.25% to 2,067.56 and the Nasdaq added 4.31 points or 0.09% to 4,791.63.
Crude oils plummets
Crude oil fell below $68 per barrel a day after OPEC decided not to cut output, which could leave markets over supplied. The 7 percent decline was the biggest one-day drop since May 2011, with prices lowest since 2010.
The Energy Select Sector SPDR exchange-traded fund fell 6.4% to $79.82 while the S&P energy index lost 6.3%, extending its run as the worst-performing S&P industry group of the year. Exxon Mobil Corp lost 4.2% to $90.54 while Chevron Corp fell 5.4% to $108.87; both are Dow 500 components.
Six weeks on a roll
Major indexes rose for a sixth straight week, the S&P's longest streak since November 2013. For the week, the Dow rose 0.1%, the S&P rose 0.2% and the Nasdaq rose 1.7%. For November, the Dow rose 2.5% the S&P added 2.5% and the Nasdaq 3.5%.
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