Close Update: Dow Extends Winning Streak to Seventh Week, Longest Streak in Two Years
Wall Street pulled off a positive close Friday after two days in the red with all three benchmark averages fractionally higher.
Stocks barely budged from the flat-line for nearly the entire day, unimpressed with a 12-year high in consumer sentiment and bullish housing market data as the upcoming holiday smothered activity.
But despite the lackluster close to an uneventful week, the Dow Jones Industrial Average extended its impressive post-Election Day winning streak to a seventh straight week, its longest winning streak in 2 years.
The S&P 500 was also higher on the week, up 0.2%, while the Nasdaq gained 0.5% from last Friday's close.
The healthcare sector was today's top gainer, while consumer discretionary and energy stocks were mostly lower as investors brace for holiday shopping data, while oil was under slight pressure from inventory data. The weekly Baker Hughes rig count increased by 16 to 653, sending oil prices briefly lower and driving down shares of oil producers.
New homes sales hit their second highest level since the housing market crisis, increasing 5.2% in November to a seasonally-adjusted annual rate (SAAR) of 592,000. This exceeds Wall Street projections for sales to rise 3.0% to a SAAR of 580,000.
Additionally, consumer sentiment hit its highest level in 12 years with the University of Michigan consumer sentiment index revised slightly higher to 98.2 in December from the initial measure of 98.0, and up from 93.8 in November.
Here's where the markets stood at the close:
Dow Jones Industrial Index was up 14.93 points (+0.07%)
S&P 500 was up 2.83 points (+0.13%)
Nasdaq Composite Index was up 15.27 points (+0.28%)
FTSE 100 was up 0.06%
Nikkei 225 was Closed
Hang Seng Index was down 0.28%
Shanghai China Composite Index was down 0.94%
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