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Stocks were mixed but mostly flat on Friday with the Dow shedding 22-points. The reaction to the jobs report was muted as the number of jobs created came in near the estimated number, although the unemployment rate did come in lower than expected at 4.6%.
The rally sparked by the election stalled this week just as resistance and an expected seasonality pull-back met. As a result, stocks experienced their first week of losses since November 4th. On queue with past trends, investors took some profits after the surge from the Thanksgiving holiday week and this was even more expected as the holiday rally was a continuation of the rally seen through most of November. Traders are now turning their attention back to the inevitable rise in interest rates
Stocks opened higher Thursday but the rest of the day played out like Tale of two Cities. The Dow gained a solid 68-points, mainly because the price of oil rallied, but the Nasdaq got hit hard again. I read that it was the first time that the Dow was positive and the Nasdaq had dropped 1% or more for two days in a row since December 2000. Meanwhile the Transports were up solidly again.
Stocks opened sharply higher on Wednesday after the OPEC announcement that Saudi Arabia will cut back on their oil production and that sent the price of oil and energy stocks higher. The Dow benefited most and was up over 100-pooints early on, but the gains faded throughout the day and the Dow closed with a small gain of just 2-points. The results were mixed as the Nasdaq 100 took a bad hit losing over 1%, while the Transports had a solid day gaining 0.43%, and S&P and small caps
Stocks opened lower on Tuesday but caught a bid early, and despite a late fade, held onto to modest gains. The Dow added 24-points while the Nasdaq led, but the Nasdaq gave back about 2/3 of its midday gains by the close.