Traders-Blog.com

Stocks closed early with minor losses on the day and mixed on the week with investors monitoring a sharp decline in the U.S. dollar and awaiting news about consumer activity as the holiday-shopping season got under way. All financial markets were closed yesterday for Thanksgiving, and the stock markets closed at 1 p.m. today - 3 hours early.

Today, the Dow Jones industrial average closed down 46.78 or 0.38% to 12,280.17, the broader S&P 500 index closed down 5.14 or 0.37% to 1,400.95, ad the Nasdaq composite closed down 5.72 or 0.23% to 2,460.26. For the week, the Dow lost 0.5%, the S&P was barely changed, and the Nasdaq gained 0.6%.

Market breadth was mixed and volume was light. On the New York Stock Exchange, advancers beat decliners by 8 to 7 on volume of 520 million shares. On the Nasdaq, losers topped winners 15 to 12 on volume of 690 million shares.

With many Wall Streeters making it a four day weekend, volumes were very low. Additionally, with no economic or big earnings reports released today, the focus was on Black Friday which is typically seen as the start of the holiday shopping season. Initial reports from retailers were positive, with bargain hunters taking advantage of a variety of stores opening as early as midnight to usher in the throngs of shoppers.

Shares of Advanced Semiconductor Engineering closed up $0.80 or 15% to $6.06, on news that a private equity group, led by the Carlyle Group, is planning a $5.5 billion bid for the Taiwanese chip packaging firm.
Stock of Systemax closed up $2.08 or 17% to $14.20, on reporting higher fiscal second-quarter sales and earnings.

Stock of IBM Corp. closed down 17 cents at $93.35, after it agreed to pay $65 million to resolve all claims in an overtime-pay, class-action suit filed in a Northern California federal court in January.

U.S. light crude oil for January delivery rose 66 cents to $59.90 a barrel in electronic trading.

All the best,
Manuel Jesus-Backus
The Portfolio Crafter
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