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THURSDAY, NOVEMBER 26, 2009
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Dow Rises 62 Despite Data

Oil futures end a four-day rally

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(Newser) – Stocks failed to hold on to session highs but made gains today amid a series of dismal, if not unexpected, economic reports. Oil futures ended a four-day rally, falling $0.23 to $48.59 a barrel after briefly topping $50, Marketwatch reports. The Dow added 62.21 points to close at 9,015. The Nasdaq closed up 24.35 points at 1,652, while the S&P 500 gained 7.24 points, settling at 935.

Minutes released from December’s FOMC meeting showed committee members fearful of a long period of economic contraction. Shipments from US factories declined a record 5.3% in November, the Commerce Department reported. And showing that housing has yet to reach a bottom, the National Association of Realtors index of previously owned home sales fell 4% from October to November.

Specialist traders eye financial charts and data on the floor of the New York Stock Exchange in this undated file photo.
Specialist traders eye financial charts and data on the floor of the New York Stock Exchange in this undated file photo.   (AP Photos/Bebeto Matthews)
In this April 4, 2006, file photo, a view of a drilling rig behind an oil pipeline seen at the Val Gamburtseva oil fields in Russia's Arctic Far North.
In this April 4, 2006, file photo, a view of a drilling rig behind an oil pipeline seen at the Val Gamburtseva oil fields in Russia's Arctic Far North.   (AP Photo/Misha Japaridze)
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Yet, while the economic headlines remain grim, stocks are holding higher in quiet trading because a lot of the bad news was already discounted when the stock market crashed in 2008.
- Frederic Ruffy, WhatsTrading

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