Economic data beats expectation with a 9.5 year high in existing home sales and strong sentiment. These data points strengthen Fed resolve for interest rate normalization.
On Friday’s shortened trading hours all four major U.S. stock indices reached record highs again. The election rally could be viewed as a shift in broad sentiment from the beginning of the year on stocks, particularly small cap. The U.S. small company stock index, the Russell 2000, has closed at a record high every trading session since Nov. 14.
Crude faced its largest daily decline on Friday in two months of -4%.. The next OPEC meeting is Wed. the 30th in Vienna where an agreement on output cuts may be decided.
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