The preliminary University of Michigan’s Consumer Sentiment Index unexpectedly declined from 70.6 in October to 66.0 in November, versus the Bloomberg forecast, which called for a slight increase to 71.0. The current conditions component of the report decreased from 73.7 in October to 69.6, and the expectations component also deteriorated from 68.6 to 63.7.
The Dow Jones Industrial Average rose 73 points (0.7%) to close at 10,270, the S&P 500 Index gained 6 points (0.6%) to 1,093, and the Nasdaq Composite advanced 19 points (0.9%) to 2,168. Crude oil was $0.59 lower at $76.35 per barrel, and the Bloomberg gold spot price added $14.80 to $1,118.60 per ounce. For the week, the DJIA gained 2.5%, the S&P 500 Index climbed 2.3%, and the Nasdaq Composite was up by 2.6%.
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