Market Summary: The long & short of it.
Stock markets opened positively in morning trading with the S&P 500 holding its head above the psychological 3000 mark, only to give up gains in afternoon trading and finish the day at 2995 or a loss of -0.36%.
The New York Composite (NYA) mirrored the action of the day and faded in late afternoon trading, to close down at 13071 for a loss of -0.13%.
Crude Oil (WTI) surged to $54.21 a barrel on reports that OPEC may discuss extending production cuts when they meet in December. Crude Oil has been locked in a trading range since the beginning of October.
Gold eked out a gain of $3.50 an ounce or 0.24% to finish the day at $1491, while Silver trod water to finish $17.54, a gain of +.02%.
Bitcoin gave up -$160 or -1.9% to finish the day at $8074. Bitcoin has been caught in a sideways trading range since the beginning of October.
A strong two-year note auction today helped spur a bid in the Treasury complex. The 10-year US Treasury yield finished at 1.76% and the two-year dropping below 1.6%.
European stock markets finished lower on the day, with the UK’s FTSE 100 finishing for a small gain of +0.68 %, to close at 7212. The pound GBP/USD, +0.0855% flattened against the dollar to $1.2981 versus $1.2974 seen late Friday.
The UK Gilt 10 Year yield is hovering at +0.71%, while the German Bund 10 Year Yield is -0.37%
Chinese stocks surged into the close of the afternoon session to end higher on the week (led by Small-cap/tech). The blue-chip CSI300 index rose 0.4%, to 3,895.88, while the Shanghai Composite Index added 0.5% to 2,954.38.