Market Recap for 24th Nov 2015 – THIS could have been a lot worse…

By Markus Heitkoetter

If you look at today’s end of day numbers, the major indices finished the day slightly higher.

But these numbers do a poor job of telling today’s story.

Today a quiet holiday week of trading was disrupted by tensions overseas when a Russian fighter jet was shot down over Turkey. The Turkish military claims the jet violated Turkish airspace. Russian President Vladimir Putin denies the claim, and declared the incident a “hostile act”.

The news scared the markets, and the major indices opened lower. After making lows in the morning, the E-Mini S&P rallied almost 1.0%. The rally was just what the indices needed to end the day in positive territory.

The S&P finished with a 0.1% gain. Up 2.5 points, the S&P closed at 2089.14.

The DOW ended 0.1% higher as well. With a 20 point gain, the DOW ended at 17,812.19.

The NASDAQ ended the day flat for the 2nd day in a row. Up less than a point, the NASDAQ closed at 5102.81.

Today’s reports included Q3 Preliminary GDP. The report showed that GDP increased at an annual rate of 2.1% (versus the 2.0% expected).

Tomorrow’s economic calendar brings us Core Durable Goods and Unemployment Claims at 8:30am ET, New Home Sales and Revised Consumer Sentiment at 10:00am, and Crude Oil Inventories at 10:30am ET. If there aren’t any geopolitical surprises, it should be a quiet day after the day’s reports.

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