· Stocks closed lower on Friday as investors awaiting a concrete trade deal took some money off the table after a strong month.
The Dow Jones Industrial Average dipped 112.59 points, or 0.4%, to 28,051.41. The S&P 500 slipped 0.4% to 3,140.98 while the Nasdaq Composite fell nearly 0.5% to 8,665.47. Friday’s session ended at 1 p.m. after the market was closed Thursday due to the Thanksgiving holiday.
The major averages posted strong monthly gains despite Friday’s losses. The S&P 500 climbed 3.4% to notch its biggest one-month gain since June, when it rallied more than 6%. The Dow and Nasdaq Composite gained 3.7% and 4.5%, respectively, for November. They also had their best month since June. For the week, the Dow gained 0.6% while the S&P 500 and Nasdaq advanced 1% and 1.7%, respectively.the session and was on track for a fourth consecutive monthly gain.
· “Short term, we might see a little consolidation” said Ben Phillips, chief investment officer at EventShares. “When we have gains coming into December, there’s some tax-loss harvesting and repositioning.”
“There’s probably some room for profit-taking, but that doesn’t change our long-term view that the pain trade is a further melt-up,” he added.
· European shares ended the week with their worst day this month as a clutch of fairly upbeat economic data on Friday failed to assuage investor concerns about a setback in Sino-U.S. trade talks after China’s rebuke over a U.S. law on Hong Kong.
The pan-European STOXX 600 index fell 0.4%, but still posted its biggest weekly gain in three on a boost from positive trade headlines in earlier sessions.
· Stocks in Asia traded higher Monday morning as official data over the weekend showed Chinese factory activity rising unexpectedly in November.
Japan’s Nikkei 225 rose 0.76% in early trade, with shares of index heavyweight and robot maker Fanuc gaining 1.03%. South Korea’s Kospi also advanced 0.62%.
Meanwhile, shares in Australia also edged higher as the S&P/ASX 200 gained 0.44%.
Overall, the MSCI Asia ex-Japan index traded 0.16% higher.
Reference: Reuters, CNBC
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