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Weekly Financial Market Update - December 6, 2019

Christopher LaPorta

December 9, 2019

The U.S. stock market began the first week of December on a gloomy note following weak manufacturing sector data and the reinstatement of U.S. tariffs on steel and aluminum imports from Argentina and Brazil. The S&P 500 Index declined 1.5% during the first two days of last week before rallying 1.7% Wednesday through Friday on signs of improvement in the U.S.-China “phase one” trade negotiations and a significantly stronger-than-expected November payrolls report.

In commodity market news, U.S. crude oil prices rallied 7.1% following reports from OPEC’s meeting in Vienna of additional cuts in the aggregate amount of oil produced by its member nations. On Thursday, Saudi Aramco, the oil giant owned and operated by Saudi Arabia, filed the largest initial public offering in history

Learn more in our entire Weekly Financial Market Update