November 26, 2016

Coming off the worst Thanksgiving week performance for the stock market in 7 years a technically oversold market moved nicely higher at the open led by a rebound in technology names that have gotten the worst of this month’s selloff.

Dow opened +200

At the close:

  • DOW +354 to 24640
  • S&P +41 to 2673
  • NASDAQ +143 to 7082
  • OIL +1.25 to 51.70
  • GOLD -1 to 1220

In corporate news shares of retailers were mostly higher as preliminary results from Black Friday showed strong sales, with the biggest increases coming in online sales, particularly mobile and those sales should get an additional boost from today’s cyber-Monday activity.  Shares of virtual reality chip maker Nvidia had lost 50% of their value in the last 60 days in the tech selloff but were 5.7% higher today after Credit Suisse began coverage with an outperform rating.