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

Stock MarketsNov 30, 2020 04:11PM ET
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© 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.

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

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Comments (6)
Dizzle TheRizzle
Dizzle TheRizzle Nov 30, 2020 6:41PM ET
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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
Ro Be Nov 30, 2020 6:41PM ET
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From Open to Close April was better than November. From Close to Close November was better than April. 'Monthly gain' usually refers to 'from Close to Close'.
Dizzle TheRizzle
Dizzle TheRizzle Nov 30, 2020 6:41PM ET
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Ro Be  april close to close was 3200pts, november was 2850. percentage gains were larger in april. and point gains were better in april, close to close open to close how ever you want to slice it.
Mr Chop
Mr Chop Nov 30, 2020 6:41PM ET
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Ro Be - and from April to YTD your woman’s been fairly open as well...Aaaaaayoooooo
Ro Be
Ro Be Nov 30, 2020 6:41PM ET
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April 2428 pts 11%. November 3137 pts 11.8%. Maybe we're looking at different charts...
Ro Be
Ro Be Nov 30, 2020 6:41PM ET
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No, november was better. Check again.
Jesse Mulliniks
Jesse Mulliniks Nov 30, 2020 6:11PM ET
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The bubble is about to burst
Zack Harding
Zack Harding Nov 30, 2020 4:33PM ET
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Mom/pop/retail investors going to get slaughtered soon.
Zack Harding
Zack Harding Nov 30, 2020 4:32PM ET
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Biden promised to raise taxes...big sell-off by Jan 1.
SquadW Name
SquadW Nov 30, 2020 4:32PM ET
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on tech stocks only :)
New Jazenevd
New Jazenevd Nov 30, 2020 4:25PM ET
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Market is in sideways mode. It means moving up and down in rather chaotic manner.
New Jazenevd
New Jazenevd Nov 30, 2020 4:24PM ET
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Perennial obsession with Dow.
 
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