Weekly Financial Update November 23, 2018
November 26, 2018
All three major U.S equity indexes declined for the second straight week. The S&P 500 index declined to its lowest level since May of this year. Energy stocks were the main drag on the market as lower oil prices hurt their share prices. Crude oil prices continued their decline this week due to investors’ continued concern about signs of oversupply. Crude oil hit its lowest price in over a year on Tuesday when prices fell to below $54 per barrel and have continued to descend to $50 to close the week.
Overall, the economic outlook appeared to be deteriorating slightly with the consumer sentiment, jobless claims, and housing market index reports all falling below consensus expectations.
Learn more about consumer sentiment and the Citigroup Economic Surprise Index for the U.S. in our Weekly Financial Update.