Black Friday Headlines Help Stocks Cap Off Thanksgiving Week with a Win

Meanwhile, oil prices soared to more than two-year highs ahead of next week's OPEC meeting

Josh Selway
Nov 24, 2017 at 1:29 PM
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The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) both managed record highs today, even though trading action was muted in the shortened session. The Dow Jones Industrial Average (DJIA) also had a strong day, as Wall Street digested mostly upbeat headlines about Black Friday shopping. A number of retail stocks outperformed as a result -- including Amazon (AMZN), which hit record highs thanks to reports of potentially record-setting U.S. digital sales. This caps off what's been a strong week for U.S. markets, as the Dow successfully dodged a rare third straight weekly loss.

Continue reading for more on today's market, including:

  • Our founder and CEO Bernie Schaeffer examines the gold ETF with soaring short interest.
  • As the holiday season gets underway, options traders are placing bullish bets on UPS stock.
  • Buy put options on this healthcare stock.
  • Plus, analysts pound the table on one outperformer; the Saudi weapons deal that propped up one Dow stock; and a mixed finish for commodities.

The Dow Jones Industrial Average (DJIA - 23,557.99) grabbed its third win of the week, picking up 31.8 points, or 0.1%. Twenty-one of 30 Dow stocks closed in positive territory. The biggest winner was Visa (V), adding 1%, and the biggest losers were Caterpillar (CAT) and American Express (AXP), which both fell 0.4%. The Dow ends the week with a 0.9% gain.

The S&P 500 Index (SPX - 2,602.42) touched a record high of 2,604.21 mid-session, and settled with a 5.3-point, or 0.2%, win. The Nasdaq Composite (IXIC - 6,889.16) also touched an all-time best of 6,890.02 before closing up 21.8 points, or 0.3%. The SPX added 0.9% for the week and the Nasdaq picked up 1.6%.

The CBOE Volatility Index (VIX - 9.67) closed down 0.2 point, or 2.1%, and ended the week 15.4% lower. The VIX hit an all-time intraday low of 8.56 in today's trading.

Closing Indexes Summary Nov 24

NYSE and Nasdaq Nov 24

5 Items on Our Radar Today

  1. According to Adobe Analytics, online sales for Black Friday are so far showing a sharp increase compared to last year's numbers. Specifically, Adobe notes that the $640 million already spent as of 10 a.m. ET marked an 18% increase from last year. (CNBC)
  2. More than 230 people are dead after militants attacked a mosque in Egypt, marking the deadliest attack in modern history for the country. After a bomb was set off inside the mosque, dozens of gunmen were waiting outside to shoot at those trying to escape. (Reuters
  3. Analysts are calling for higher highs from this outperforming stock.
  4. Bernie Schaeffer explains why booting GE stock could be bad news for the Dow.
  5. The Saudi deal lifting Boeing stock.

Unusual Options Activity Nov 24
Data courtesy of Trade-Alert

Commodities

January-dated crude futures were last seen up $0.86, or 1.5%, at $58.88 per barrel, as oil prices get a lift ahead of next week's Organization of the Petroleum Exporting Countries (OPEC) meeting, thanks in part disruptions in the Keystone pipeline. For the week, oil is pacing to add roughly 4%.

On the other hand, gold prices dropped amid the rise in stocks, even as the dollar fell. Gold futures for December delivery ended down $4.90, or 0.4%, at $1,287.30 per ounce. The precious metal ends the week down 0.7%.


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