(CercleFinance.com) – The November stock market has just ended with a new and final rise on Wall Street… and a 12th rise in a series of 16 on the Nasdaq which, with +9%, marks one of the best stock market months of November for the last 20 years.
The Nasdaq has only fallen 4 times since October 26 and 6 times since October 20 (previous day of the ‘3 witches’).
The 3 US indices are in the green for a third consecutive week, with a 4 out of 5 on the rise.
The die was cast since Tuesday and the ‘sherpas’ of Wall Street were content to keep the indices at their best levels since the end of August during the last 3 days of the month.
Everything was programmed with millimeter precision: the Dow Jones, for example, finished up 0.01% at 34,947.28 points (but in reality, the difference is only 0.006%), the Nasdaq clawed its way just like on Thursday. 0.08% to 14,125.5 and the S&P-500 took 0.13% to 4,524 after 0.12% the day before (these 2 indices gained 2.3% over the past week).
This session was almost a transfer from the previous one, as if Wall Street had launched the same program as Thursday for these ‘3 witches’.
Many are delighted to see the US indices at their highest (sometimes since August 1st like the Nasdaq) 3 sessions from the ‘Thanksgiving bridge’: this is enough to make the wealthiest consumers feel richer… but the problem , is that according to Wal Mart, ‘middle class’ households seem to be running out of steam, as evidenced by the drop in sales in October.
In terms of figures, this Friday was much less busy than Thursday: the Department of Commerce reported a 1.9% increase in housing starts in the United States in October, to 1,372,000 at an annualized rate. , a level rather above the expectations of economists.
Likewise, building permits for American housing – supposed to foreshadow future housing starts – increased by 1.1% to 1,487,000 at an annualized rate last month, also exceeding the consensus.
It is not certain that this has a connection but US T-Bonds are stabilizing around 4.44% after having erased -25Pts of yield the 3 previous sessions.
For its part, the ‘2 years’% deteriorated by +5 points to 4.894% but erased almost 18 basis points over the week.
If the scores were narrow on Wall Street and on the bond market, this Friday was marked by a spectacular rebound in the oil market: American light crude (West Texas Intermediate, WTI) jumped +4% towards $75.5, which which boosted sector stocks such as Devon, Exxon and Diamonback +2.4%, Conoco +2.3%, Chevron and Marathon +1.9%.
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