Stocks close little changed to notch weekly win

This was one of those rare days when I could find no market report so I had to settle for the below from Yahoo, which was not very comprehensive. But the chart once again showed erratic selling in the morning bringing the Dow down some 60 points followed by an equally erratic buying spree in the afternoon with the Dow +80 at its high point. But all three indexes ended the day flat with just a few points gain, but that was enough for a third straight week of wins. November so far is one of the biggest gainers for the year.  Cooling inflation data and a softening job market has continued the sentiment of an end to rate hikes and a soft landing for recession, making this the third week ending on the plus side. Per the CBOE, volume was 10.1 billion. 

Stock market news today: Stocks close little changed to notch weekly win

Hamza Shaban and Karen Friar

Fri, Nov 17, 2023, 4:06 PM EST

DJ: 34,945.47  -45.74         NAS: 14,113.67  +9.84         S&P: 4,508.24  +5.36       11/16

DJ: 34,947.28  +1.81      NAS: 14,125.48  +11.81   S&P: 4,514.02  5.78      11/17 

Stocks eked out a victory Friday as the major indexes recorded their third-straight win for the week as Wall Street digested retail updates and oil's losses amid signals of a slowing economy.

The S&P 500 (^GSPC) edged higher by 0.13%, while the Dow Jones Industrial Average (^DJI) finished just above the flatline. The tech-heavy Nasdaq Composite (^IXIC) rose by about 0.08%.

All three US indexes carried momentum from a roaring midweek rally, which came as the market grew convinced the Federal Reserve could ease back on interest rate hikes. Cooler inflation and softer jobs data were taken as signs the central bank's tightening is finally squeezing the US economy.

Some investors see similar signals in retailer updates. Gap (GPS) gave a bleak forecast for holiday sales in its earnings late Thursday, joining Walmart and Target in warning that a falloff in consumer spending will hit the all-important shopping season.

Oil prices also hinted at a slowdown by sinking into a bear market ahead of the OPEC+ meeting later in November. West Texas Intermediate crude (CL=F) and Brent crude (BZ=F) advanced nearly 4% on Friday, but lost for the overall week loss after touching their lowest level in nearly four months.

Meanwhile, Alibaba's (BABA) decision to abandon the spin-off of its cloud unit drew attention to struggles at the Chinese e-commerce giant, whose shares sank in New York to erase more than $20 billion in market value. The decision, which Alibaba said was fueled by Washington's chip curbs, also highlighted that US-China ties are still frayed after a meeting between the country's presidents failed to make a splash.