Stock Market News for November 26, 2013 - Market News
26 Novembro 2013 - 1:06PM
Zacks
Benchmarks ended on a mixed note
yesterday after clinching new records over the past two trading
days. Dismal housing sales data arrested whatever buoyancy was
achieved from the Iran nuclear deal. At one point during the
trading day, the Nasdaq had moved beyond 4K for the first time
since 2000, but finally lost out on much of the day’s gains. While
the S&P 500 was the lone index to end in the red, the meager
gains in the blue-chip index was enough to extend its all-time
record run. The healthcare sector was the biggest gainer among the
S&P 500 industry groups while energy sector lost the most.
For a look at the issues currently facing the markets, make sure to
read today’s Ahead of Wall Street article
The Dow Jones Industrial Average (DJI) increased 0.1% to close the
day at 16,072.54. The S&P 500 dropped 0.1% to finish
yesterday’s trading session at 1,802.48. The tech-laden Nasdaq
Composite Index climbed 0.1% to end at 3,994.57. The fear-gauge
CBOE Volatility Index (VIX) edged up 4.32% to settle at 12.79.
Consolidated volume on the New York Stock Exchange was roughly 3.0
billion shares. Declining stocks outnumbered the advancers. For 54%
shares that declined, 43% advanced.
A holiday-shortened week is most likely to witness lower volumes
and this is exactly what happened yesterday. Also, the day was
short of domestic action apart from the pending home sales report.
However, major news came in over the weekend, namely the landmark
Iran nuclear agreement. The U.S. and other important global powers,
such as Russia, China, France, the UK and Germany signed an
agreement with Iran as per which the country will curtail some of
its nuclear activities. In exchange, Iran will gain $7 billion over
a period of six months due to the withdrawal of sanctions. The deal
promises to reduce conflict risks and boost trade in the short
term. It will also make it easier for Iran to export crude oil. As
a result, oil prices moved south.
Consequently, the agreement signed at Geneva had its effect on the
energy sector. Oil prices dropped about 0.8%, to settle at $94.09
per barrel following these developments, affecting the energy
sector. Energy stocks were the biggest losers on the S&P 500
and the Energy SPDR (XLE) lost 0.9%. Stocks such as Chevron
Corporation (NYSE:CVX), Schlumberger Limited. (NYSE:SLB),
Occidental Petroleum Corporation (NYSE:OXY), ConocoPhillips
(NYSE:COP), and Pioneer Natural Resources (NYSE:PXD) lost 0.2%,
3.2%, 1.9%, 1.6%, and 3.0%, respectively.
The US President Barack Obama called the agreement “an important
first step toward a comprehensive solution”. On the other hand,
White House spokesman Josh Earnest said: “The president underscored
that the United States will remain firm in our commitment to
Israel, which has good reason to be skeptical about Iran’s
intentions”.
Coming to housing data, the National Association of Realtors
reported that the pending home sales index dropped 0.6% to 102.1 in
October, below the consensus estimate of 2%. The index is at its
lowest level since December 2012. It was a decline in contracts for
the fifth month in a row.
Consequently, the SPDR S&P Homebuilders ETF (XHB) dropped
0.03%. Stocks such as PulteGroup, Inc. (NYSE:PHM), KB Home
(NYSE:KBH), Lennar Corporation (NYSE:LEN), M.D.C. Holdings, Inc.
(NYSE:MDC), and The Ryland Group, Inc. (NYSE:RYL) lost 0.4%, 2.0%,
0.7%, 1.5%, and 1.4%, respectively.
Separately, shares of Wal-Mart Stores, Inc. (NYSE:WMT) climbed 0.8%
to $80.43 after the world's largest retailer said it has chosen the
new CEO. Company veteran Doug McMillon will succeed Mike Duke as
president and CEO, effective from February next year.
The healthcare sector was the biggest gainer among the S&P 500
industry groups. The Health Care SPDR (XLV) gained 0.4%. Stocks
such as Johnson & Johnson (NYSE:JNJ), Pfizer Inc. (NYSE:PFE),
Merck & Co., Inc. (NYSE:MRK), Gilead Sciences, Inc.
(NASDAQ:GILD), and Amgen, Inc. (NASDAQ:AMGN) added 0.4%, 0.1%,
1.5%, 0.4%, and 0.8%, respectively.
CONOCOPHILLIPS (COP): Free Stock Analysis Report
CHEVRON CORP (CVX): Free Stock Analysis Report
JOHNSON & JOHNS (JNJ): Free Stock Analysis Report
KB HOME (KBH): Free Stock Analysis Report
LENNAR CORP -A (LEN): Free Stock Analysis Report
MDC HLDGS (MDC): Free Stock Analysis Report
OCCIDENTAL PET (OXY): Free Stock Analysis Report
PFIZER INC (PFE): Free Stock Analysis Report
PULTE GROUP ONC (PHM): Free Stock Analysis Report
PIONEER NAT RES (PXD): Free Stock Analysis Report
RYLAND GRP INC (RYL): Free Stock Analysis Report
SCHLUMBERGER LT (SLB): Free Stock Analysis Report
WAL-MART STORES (WMT): Free Stock Analysis Report
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