Today's economic calendar is light, with only US building permits and housing starts scheduled for release.
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Wall Street wrapped up another week on a positive note, sustaining its upward trajectory as major indices marked a fourth consecutive week of gains. The Dow Jones Industrial Average continued its climb, ending Friday with a modest yet noteworthy increase, while the S&P 500 edged slightly higher, underscoring the resilience of the market within a complex global economic landscape.
The global financial markets experienced a day of mixed dynamics as U.S. traders took a break for Thanksgiving, creating a unique scenario where European and Asian markets took the forefront. European stocks and the Euro showed notable resilience in this altered trading environment, while volatility was evident in the oil markets due to the latest developments from OPEC+. This scenario provided a glimpse into the market’s behaviour in the absence of one of its biggest players, offering insights into regional strengths and vulnerabilities.
Stocks showed a positive trend on Wednesday, with the Dow Jones Industrial Average leading the way, gaining 178 points, or 0.5%. The S&P 500 and Nasdaq Composite followed suit, climbing 0.4% and 0.5%, respectively, as the markets prepared for the Thanksgiving holiday.
The current financial landscape is dominated by two significant phenomena: the robust recovery in oil prices and the fluctuating behaviour of the US dollar. These elements are crucial in dictating the flow of commodities, currencies, and broader market strategies.
In a trading day characterised by cautious anticipation and nuanced market reactions, the S&P 500 displayed remarkable stability, closing nearly flat. This subdued closure follows Moody’s recent revision of the U.S. outlook and comes on the eve of a highly anticipated inflation data release.
In a testament to its enduring resilience, the S&P 500 index carved out an eighth straight day of gains, despite a modest uptick, while the Nasdaq Composite marginally retreated by 0.1%, and the Dow Jones Industrial Average edged down by 0.2%, shedding 80 points.
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