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Nov 23 2015

Wall St dips after coming off strongest week of 2015

Market Recap 11/20/15:
U.S. stocks rose on Friday, with major indexes notching their best week of 2015 and the Dow returning to positive territory for the year. Consumer discretionary stocks were among the biggest gainers on the day, boosted after Nike (NKE) raised its dividend and announced a two-for one stock split, news that sent the Dow component’s shares up by more than 5 percent. Abercrombie & Fitch (ANF) also lifted the sector after the company’s profits more than doubled in the latest quarter, sending shares up by more than 25 percent. The strength in corporate America has lately been enough to assuage concerns about the Federal Reserve raising interest rates in December, as it is widely expected to do.
Looking ahead:
U.S. stock index futures fell on Monday, as bets that the Fed would raise rates in December strengthened the dollar, which in turn weighed on commodity names, as well as large multinational stocks. Investors are looking ahead to both a read on existing home sales, which will be released after the market opens, as well as an expected takeover deal by Pfizer (PFE) of Allergan (AGN), which could be one of the biggest deals of all time. The decline in futures isn’t surprising given the size of last week’s rally, and daily moves this week could be outsized given the expected light trading around the Thanksgiving holiday on ThursdayIf you missed our president, Oliver Pursche, on CNBC on Friday, you can view the episode here to listen to his latest commentary. Also, make sure you catch this week’s Money Matters with Gary Goldberg, which will air Sunday at 11 on WOR710. Visit our website for more details.