The Dow Jones Industrial Average climbed to a new intraday high on Monday. Meanwhile, West Texas Intermediate crude oil rose to the highest level since last July, extending its rally after OPEC agreed to limit production last week.
First, the scoreboard:
- Dow: 19,217.33, +46.91, (0.24%)
- S&P 500: 2,204.41, +12.46, (0.57%)
- Nasdaq: 5,305.98, +50.33, (0.96%)
- WTI crude oil: $51.91/bbl, +$0.45, (0.9%)
- US service providers in November recorded the fastest pace of new-work growth in a year, according to Markit Economics. The overall purchasing manager’s index came in at 54.6 (54.8 forecast.) The Institute of Supply Management’s index was 57.2, a 13-month high.
- New York Federal Reserve President William Dudley said the Fed is on the cusp of raising interest rates. Speaking to reporters in Chicago, he declined to comment on any concerns that Trump’s plans could damage the economy. The Fed meets December 13-14.
- Amazon unveiled Amazon Go, a grocery-store concept that will automatically add shoppers’ products to a digital cart so they can walk out without waiting in a checkout line. The first store is set to open in downtown Seattle in 2017.
- OPEC oil output hit a record high in November ahead of a deal to cut production, according to a Reuters survey. It suggests the cartel will face challenges in complying with a plan to cut supply starting in 2017.
- Liberty Mutual is buying the excess and surplus insurance company Ironshore Inc. from Fosun International for about $3 billion. Fosun, a Chinese insurer, bought Ironshore for about $2.3 billion two years ago, and had been looking to take the company public.