US stocks close lower, although the blue chips hold up better than the Nasdaq Comp, which drops as tech shares fall after Dell’s disappointing earnings. But overall the day was, as UBS’ Art Cashin is fond of saying, a waste of a clean shirt and cab fare.
The risk trade’s that been so on fire has cooled as the dollar’s gained ground. DJIA loses 14 to 10319, still up about 0.5% for the week. S&P 500 dips 4 to 1091, down 2 points on the week. Nasdaq Comp loses 11 (0.5%) to 2146. Healthcare drives gainers. Stocks were weak early, but a late burst mitigates the losses.
Still, the Dow’s down three straight days, and that hasn’t happened since the three days from Sept. 30 to Oct. 2. But, it’s also up three straight weeks, and that’s the longest streak since Aug. 7.
Crude gained 0.5% on the week, gold gained 2.7% on the week, hitting yet another closing high today, at $1,146.40.
Equities volume was very light, which could set up for a very interesting week coming up. Since Thursday is Thanksgiving, there likely won’t be a lot of people around, but there is a lot of data on tap. That could possibly lead to some exaggerated moves in one direction or another.
Elsewhere around the glob, the ECB’s talking about exit strategies, and Japan meanwhile is staring at outright deflation. Let’s hope it’s not their newest export.





