Market Wrap: Business Week Ends, Market Rally Continues
U.S. stocks moved higher after the November CPI report took investors by surprise – showing that consumer prices were unchanged for the month (an increase was expected).
CNBC’s Mary Thompson had her “Eye on the Floor” of the NYSE on the last day of the trading week. She said the market could have shot higher had it not been for some weakness in the energy sector. Shares of ExxonMobil , Chevron and BP all traded lower on the day.
General Electric (parent company of CNBC) made its biggest gain in over a year, capping an active week for the stock. CEO Jeff Immelt told CNBC’s David Faber on Tuesday that he expected strong profit growth in ‘07. GE’s move, along with gains from Citigroup , Proctor & Gamble and Boeing helped the Dow Jones Industrial Average close at a new high - up 1.1% this week alone.
The U.S. dollar gained ground against the yen – even reaching a 3-week high against the euro during today’s trading – all after a report that showed foreigners increased their purchases of U.S. assets in October.
And crude oil continued to rise on yesterday’s announcement of OPEC cuts starting in February. That, and an attack at a Royal Dutch Shell plant in Nigeria pushed crude to close at $63.43.