|Published : 01 Dec 2016, 10:40:29|
US stocks end with big gains
US stocks ended with big gains for November on Wednesday thanks to a sharp post-election rally, but the S&P 500 finished the day flat as drops in utilities and technology offset energy's surge.
Energy shares jumped with oil prices after OPEC agreed to cut production. US oil prices rose 9.3 per cent, while the S&P energy index jumped 4.8 per cent.
Bank shares also jumped after comments by Steven Mnuchin, President-elect Donald Trump's pick for US Treasury secretary.
Mnuchin said that tax reforms and trade pact overhauls would be top priorities of the new administration. Bank of America gained 4.5 per cent.
But top dividend payers likes utilities and telecommunications companies declined as bond yields jumped. The S&P utility index was down 3.2 per cent, while shares of AT&T fell 2.2 per cent.
Investor expectations are high that the Federal Reserve will raise rates at its meeting next month.
For the day, the Dow Jones industrial average was up 1.98 points, or 0.01 per cent, to 19,123.58, the S&P 500 lost 5.85 points, or 0.27 per cent, to 2,198.81.
The Nasdaq Composite dropped 56.24 points, or 1.05 per cent, to 5,323.68.
For the month, the Dow was up 5.4 per cent, the S&P 500 was up 3.4 per cent and the Nasdaq was up 2.6 per cent, according to a news agency report.