The SP 500 has risen about 2.5% in November, peaking in the Intraday on November 28th, the Dow Jones Industrial Average also rose 2.5%. The Russell 2000 index was little changed, while the Nasdaq Composite Index reached a maximum of 14 years after a rally of 3.5%. The Stoxx Europe 600 Index rose 3.1%, and Germany’s DAX index rose 7%, the biggest monthly gain since 2012.
Thirty-eight out of 43 energy stocks in the SP 500 dropped in November amid plummeting oil prices.
The Organization of Petroleum Exporting Countries kept its production ceiling unchanged, underscoring the price war in the crude market and challenge to U.S. shale drillers. The Crude extended its monthly loss depreciating about 10%, to settle at $66.15 a barrel, the biggest single-day drop since 2009.
Market pressure resulting from the oil drop was offset in November by economic data that exceeded analysts’ estimates. The US economy grew at an annualized rate of 3.9% in the third quarter, up from an initial reading of 3.5% and above the estimated value of 3.3%.