Retail woes weighed on the DJIA, which still managed a modest monthly gain
The Dow Jones Industrial Average (DJIA) started the day in the black, but quickly erased its early gains, thanks to a disappointing day for retail stocks. Traders were also treading cautiously after some downbeat economic data, as the Fed weighs a likely rate hike next month. However, while stocks struggled on the final trading day of November, they still ended the month on positive ground.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 17,719.92) dropped 78.6 points, or 0.4%, as 20 of the 30 Dow components finished the day in the red. A lackluster start to holiday shopping had Wal-Mart Stores, Inc. (NYSE:WMT) pacing the losers, slipping 1.8%. For the month, the DJIA added 0.3%.
The S&P 500 Index (SPX - 2,080.41) slipped 9.7 points, or 0.5% today, while the Nasdaq Composite (COMP - 5,108.67) lost 18.9 points, or 0.4%. The SPX and COMP finished November with monthly gains of 0.1% and 1.1%, respectively.
The CBOE Volatility Index (VIX - 16.13) climbed 1 point, or 6.7% higher, and added 7% for the month.
5 Items on Our Radar Today:
- World leaders assembled in Paris today to discuss climate change at the COP21 Summit. President Barack Obama said that the conference could be a "turning point" in the global effort to minimize rising temperatures. (BBC News)
- Online purchases are on track to smash records on Cyber Monday, with early returns up 14% from a year ago -- welcome news for the retail sector, after Black Friday sales missed the mark. Unfortunately, many websites were not equipped for such heavy traffic, causing crashes that could cost retailers big bucks in lost sales. (Reuters)
- Alibaba Group Holding Ltd (NYSE: BABA) was among the many China-based stocks to garner attention from Goldman Sachs.
- A new licensing deal sent this drugmaker soaring.
- One brokerage firm took aim at several outdoor apparel makers, including Deckers Outdoor Corp (NYSE:DECK).
Commodities:
Oil prices dropped today, erasing early gains amid expectations that the Organization of the Petroleum Exporting Countries (OPEC) will opt to stand pat on production at its Friday meeting. January-dated crude oil lost 6 cents, or 0.1%, to settle at $41.65 a barrel -- a loss of 10.6% for the month.
December gold futures managed a gain of $9.60, or 0.01%, to close at $1,065.80 an ounce, benefiting from heightened rate-hike expectations. In November, gold dropped 6.6% to notch its largest monthly deficit in over two years.