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Nov 24 2015

Wall St dips on geopolitical uncertainty, ahead of data

Market Recap 11/23/15:
U.S. stocks fell modestly on Monday as investors found few reasons to keep pushing shares higher following last week’s strong advance. Healthcare stocks were among the weakest of the day, with Pfizer (PFE) dropping after it officially announced a massive $160 billion takeover bid for Allergan (AGN). Separately, existing home sales fell in October, which weighed on homebuilders. The day’s trading was light, which should persist throughout the holiday-shortened week. Markets will be closed on Thursday for Thanksgiving. The relatively low liquidity in the market could make for bigger daily swings.
Looking ahead:
U.S. stock index futures fell on Tuesday as geopolitical uncertainty rose after a Russian warplane crashed in Syria, which could create an additional escalation of tension after Russia began strikes against Syria last month. U.S. investors are concerned about what the fallout to the strife could be if it expands beyond Syria or persists for a long time. Commodity-based stocks were down in premarket, as a rise in the U.S. dollar weighed on commodities like oil and precious metals. In addition, investors are looking ahead to the latest read on third-quarter GDP, which will be released before the market open, and a read on consumer confidence, which will be released after the open. 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.