US shares closed
higher on Tuesday as energy stocks rose along with oil prices after Turkey shot
down a Russian warplane near the Syrian border. The three major US indexes
recovered from a morning selloff that was triggered by the overseas news
despite some strong US economic data. Oil prices were up more than 2 percent
after a spike in Middle East tensions.
Relatively light trading appeared to exaggerate swings in the market,
according to Frankel, as many market participants were away ahead of the U.S.
Thanksgiving holiday. Markets will be closed all day Thursday and close early
Friday.
The Dow Jones industrial average rose 19.51 points, or 0.11 percent, to
17,812.19, the S&P 500 gained 2.55 points, or 0.12 percent, to 2,089.14 and
the Nasdaq Composite added 0.33 points, or 0.01 percent, to 5,102.81. Investors
steered clear of many of Nasdaq's higher-valuation stocks like Netflix and
instead took safety in cheaper stocks due to geopolitical concerns, according
to J.J. Feldman, portfolio manager at Los Angeles-based Miracle Mile Advisors.
The Dow Jones
Airlines index .DJUSAR ended down 2.7 percent, led by a 5-percent decline in
Allegiant Travel. United Continental, Delta Air Lines and Spirit Airlines all
fell around 3 percent. Six of the 10 major S&P sectors rose and energy led
with a 2.4-percent increase, followed by a 0.8 percent increase in materials.
Hewlett-Packard shares fell 3.4 percent in extended trading after the close
when it reported a revenue decline for the fifth straight quarter, its last
before it split into two companies.
The US economy grew at a 2.1 percent pace
in the third-quarter, compared with an earlier estimate of 1.5 percent, data
showed, but consumer sentiment in November was the weakest since September 2014
ahead of the crucial holiday shopping season.
0 comments:
Post a Comment