Stock Market News: U.S. Stock Indexes Mark Weak Close As Oil Prices Plunge

Black Friday looked more like red Friday as major stock indexes ended the week with modest losses in a shortened day of trading. In stock market news today, United Technologies (UTX) was a top performer in the Dow Jones on news that its merger with Rockwell Collins (COL) got the go-ahead from China.


Top performers in the MarketSmith Growth 250 included Twilio (TWLO), Medpace Holdings (MEDP), Innoviva (INVA) and Canada Goose (GOOS).

The Dow Jones and S&P 500 lost around 0.7%. The Nasdaq composite eased 0.5%. The Russell 2000 small-cap index bucked the trend, rising slightly.

The Innovator IBD 50 ETF (FFTY) performed in line with small caps, up 0.4%.

Oil and gas-related groups were among the day’s worst performers as oil prices plunged again ahead of the Dec. 6 OPEC meeting. U.S. crude oil futures were recently trading around $51.02 a barrel, down 6.7%. Cheap oil gave airline stocks a lift. The airline group was one of the day’s top performers, up around 2%.

American Airlines (AAL) outperformed in the group, up nearly 5% to 38.10, but it’s still about 35% off its high. The stock’s 200-day moving average around 42 is a potential resistance level to watch.

Stock Market News: Strong Online Sales

Early indications are that the holiday shopping season will be strong again. Adobe Analytics on Friday said Thanksgiving Day sales totaled $3.7 billion, up 28% from a year ago. Black Friday sales are expected to top $6.4 billion.

In stock market news today, IBD 50 component Innoviva followed through after Wednesday’s breakout over a 16.94 handle entry. Shares jumped 5% to 17.98. The 5% buy zone went up to 17.79.

Enterprise software stock Twilio reclaimed its 50-day moving average, rising nearly 5%. A slew of fast-growing software stocks are scheduled to report earnings in the coming week. You can read about them in the latest Earnings Preview column.

In other stock market news today, Canada Goose gained 4% to 67.90. It’s trading tightly near highs but just below the 68.85 alternate entry in a large base. The stock is also trading less than 3% above a 65.92 entry point in a double-bottom base and is in buy range from that correct buy point.


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Originally posted 2019-09-19 23:26:13.


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