The Week In Review


The major averages end the day higher capping off another up week following the 5% rally to start November. The Dow Jones Industrial Average jumped 391 points or 1.1%. The S&P 500 rose 67 points or 1.56% while the Nasdaq jumped 276 points or 2%, notching its best day since May.

As mentioned, today's surge lifted the three major averages into the green for the week. The S&P 500 advanced 1.3%, the Dow added about 0.7%. The Nasdaq was the outperformer, rising roughly 2.4% on the week.

The benchmark 10-year Treasury yield hovered around the flatline all day after jumping more than 10 basis points Thursday. A bad Treasury Department bond auction and comments from Federal Reserve Chair Jerome Powell on Thursday caused the sell off with higher yields in bonds which snapped the longest winning streaks for the S&P 500 and the Nasdaq Composite in two years.

Unlike the major averages, the earnings reports were not good today. Casino operator, Wynn Resorts fell 5% due in part to weakness at their Macau resorts. Trade Desk fell 16% after the digital ad company offered weak revenue guidance for the fourth quarter. Genetic testing company, Illumina, the worst performing S&P 500 company today, fell 8% after lowering guidance. However, the biggest dog of the day goes to hydrogen fuel cell company Plug Power fell 40% after management confessed they could run out of money within the year.

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