US stocks closed higher but little changed on Tuesday, and the Dow closed at an all-time high. Crude oil fell for the first day since OPEC agreed last Wednesday to cut production. A
Reuters survey released on Monday found that OPEC’s output hit a record high
in November, indicating that member countries could have a hard time sticking to their plan.
First, the scoreboard:
- Dow: 19,228.22, +11.98, (0.06%)
- S&P 500: 2,209.48, +4.77, (0.22%)
- Nasdaq: 5,326.71, +17.82, (0.34%)
- WTI crude oil: $50.93/bbl, -$0.86, (-1.7%)
- President-elect Donald Trump sold off all of his stock portfolio over the summer to avoid conflicts of interest in office, a spokesman said on a conference call with reporters. Trump’s transition team did not provide documentation to confirm the sales, but said the sell-off was in June.
- The issue of Trump’s investments came to light after he called for the cancellation of a contract with the aircraft-maker Boeing for a new presidential aeroplane. After Trump said he would pull out of the Air Force One deal, Boeing’s stock slid in trading.
- Masayoshi Son, the CEO of Japanese telecom SoftBank, announced that his company will be investing $50 billion and bringing 50,000 jobs to the US after a meeting with Trump. The investment would reportedly come from a $100 billion fund created in partnership with the Saudi Arabia sovereign wealth fund and other investors.
- Chipotle fell 7% after the company said it was nervous about hitting its guidance for the year. The burrito chain hurt by two E.coli outbreaks last year was presenting at a Barclays retail conference in New York.
- New orders for U.S. factory goods recorded their biggest increase in nearly one and a half years in October, further evidence that the manufacturing sector is gradually recovering after a prolonged downturn. Factory orders rose 2.7% after an upwardly revised 0.6% gain in September.
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