Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Dow Ends Month on Sour Note, but Notches Biggest Monthly Gain Since 1987

Published 11/30/2020, 04:05 PM
Updated 11/30/2020, 04:11 PM
© Reuters

© Reuters

By Yasin Ebrahim

Investing.com - The Dow notched its biggest monthly gain in over three decades Monday, despite falling on souring U.S.-China tensions amid reports the Trump administration is considering blacklisting two major Chinese companies. 

The Dow Jones Industrial Average fell 0.9%, or 271 points, but was up about 12% for November, the biggest monthly gain since February 1987.  The S&P 500 was down 0.3%, while the Nasdaq Composite slipped 0.06%.

Sentiment on stocks made a soft start to the week on reports that Chinese chipmaker SMIC and national offshore oil and gas producer CNOOC (NYSE:CEO) could be banned from accessing US investors.

On top of rising U.S.-China tensions, profit-taking on value stocks on concerns about a surge in infections over the coming weeks following the Thanksgiving holiday also weighed on sentiment.

"There is almost certainly going to be an uptick because of what has happened with the travel," Dr. Anthony Fauci, top infectious disease expert, told CNN's State of the Union.

Energy was among the biggest decliners across the value sector, paced by weakness in oil prices as major producers meet to discuss whether to extend its output cuts that have helped limit the blow from falling demand in the wake of the pandemic.

Industrials were also in the red as airlines fell sharply following a weaker outlook from JetBlue.

JetBlue Airways (NASDAQ:JBLU) fell 3% after guiding fourth-quarter revenue to drop 70% year-over-year, compared with the prior guidance of a 65% decrease.

The company said booking trends remain volatile and expected revenue recovery will be nonlinear through the fourth quarter and beyond.

American Airlines Group fell nearly 6%, (NASDAQ:AAL) Delta Air Lines (NYSE:DAL) slipped 2%, while United Airlines (NASDAQ:UAL) slipped 0.5%.

Tech, meanwhile, struggled to advanced as the Fab 5, with the exception of Apple (NASDAQ:AAPL), continued to stutter. 

Amazon.com (NASDAQ:AMZN), Facebook (NASDAQ:FB), Alphabet (NASDAQ:GOOGL) and Microsoft  (NASDAQ:MSFT) were in the red.

On the stimulus front, the Federal Reserve said it would extend four of its lending programs due to expire at year-end to the end of the first quarter. 

In other news, Salesforce.com (NYSE:CRM) is reportedly set to announce its acquisition of Slack Technologies (NYSE:WORK) on Tuesday after the market closes, CNBC reported citing sources. 

Nikola (NASDAQ:NKLA) slumped 37%, meanwhile, after General Motors (NYSE:GM) said that it would not be taking a stake in the electric automaker but would supply its fuel-cell technology to the company.

Latest comments

This is not true.. this is actually the best month since April. And April was the best month since 1987. You guys need to get a better editor your headlines are all the same. Some sort of hope about air. Or sone regurgitated headline you used prior. How about this. You make the title every day the same thing but you change it to the truth. "Market rallied today because of low volume and liquidity pumps that get middle class American gamblers to bet on the stock market."
Ro Be - and from April to YTD your woman’s been fairly open as well...Aaaaaayoooooo
April 2428 pts 11%. November 3137 pts 11.8%. Maybe we're looking at different charts...
No, november was better. Check again.
The bubble is about to burst
Mom/pop/retail investors going to get slaughtered soon.
Biden promised to raise taxes...big sell-off by Jan 1.
on tech stocks only :)
Market is in sideways mode. It means moving up and down in rather chaotic manner.
Perennial obsession with Dow.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.