Stocks fell amid growing concern over the GOP tax bill
It was another down day for U.S. stocks, with the Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) closing lower to break eight-week win streaks -- their longest in four years. Today's downside came following a round of disappointing retail earnings, and despite a post-earnings pop from Disney (DIS). Although the Nasdaq Composite (IXIC) managed to eke out a small win thanks to strong tech earnings, the index snapped its six-week win streak, as traders continued to express concerns over reports of a possible delay in corporate tax cuts.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 23,422.21) ended with a loss of 39.7 points, or 0.2%. General Electric (GE) led the eight Dow gainers with a 2.5% advance, while Intel (INTC) paced the 22 losers with a 1.6% drop. For the week, the Dow lost 0.5%.
The S&P 500 Index (SPX - 2,582.30) closed down 2.3 points, or 0.1%, while the Nasdaq Composite (IXIC - 6,750.94) ended with a fractional gain. For the week, the SPX and IXIC both lost 0.2%.
The CBOE Volatility Index (VIX - 11.29) added 0.8 point, or 7.5%, for its highest close in two weeks and a weekly gain of 23.5% -- its biggest weekly gain since mid-August.
5 Items on Our Radar Today
- Disney announced plans to make a new "Star Wars" trilogy that will introduce new characters "from a corner of the galaxy that 'Star Wars' lore has never before explored." The company also has plans to make a "Star Wars" TV series, which viewers will be able to access on its new streaming service. (MarketWatch)
- Speaking of Disney, its subsidiary ESPN plans to lay off more than 100 employees after Thanksgiving, due to a growth in streaming services and a move away from cable. Additionally, the company plans to launch an "add-on" digital service to allow viewers to watch live sporting events on their phones. (CNBC)
- Why JD.com stock could be in for a volatile Monday.
- How options traders are playing Amazon stock ahead of Black Friday.
- XLF's retreat drew a rare batch of options bears.
Data courtesy of Trade-Alert
Commodities
Crude prices settled lower today, after data showed the U.S. rig count rose by nine last week. December-dated oil futures ended down 43 cents, or 0.8%, at $56.74 per barrel. For the week, though, crude added 2.3% -- its fifth straight weekly gain.
Gold also closed lower today, with traders possibly taking some profits off the table amid the safe-have asset's recent run higher. December-dated gold ended down $13.30, or 1%, at $1,274.20 an ounce. Week-over-week, gold added 0.4%.