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Market Wrap Nov 29, 2019


The Market Wrap for November 29: A Short, yet Record-Setting Week

Aaron Levitt Nov 29, 2019

With the Thanksgiving holiday, traders were thinking more about turkey than they were about stocks. However, several positive developments over the course of the shortened week helped the major indices move higher throughout the limited trading sessions. This included a hefty dose of positive trade developments.

Reports began to circulate that China was working with the U.S. and willing to meet several concessions to get a deal (finally!) done. This included several key sticking points, such as the potential for intellectual property rights enforcement. As we know, the U.S./China trade war has been in a stalemate for months. With the potential for a Phase One agreement happening before the end of the year, traders sent stocks higher.

As did several corporate actions. While earnings remained light on the week, Merger Monday lived up to its moniker with several big deals announced. These deals, along with plenty of activist intervention, helped keep stocks moving into record highs.

On the data front, there was surprisingly a hefty bit of economic information released. And while key gauges of manufacturing health and consumer confidence showed signs of slippage, traders took the readings in stride and pushed stocks higher. Positive comments from Fed Chair Jerome Powell on the overall state of the economy also provided optimism for traders.

All in all, the shortened trading week provided both low volumes and new record highs.

Be sure to check out our previous Wrap here, when trade issues zapped enthusiasm.

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