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  3. US Markets end higher in Abbreviated Session on Friday

US Markets end higher in Abbreviated Session on Friday

26 Nov 2016 Evaluate

Following the Thanksgiving Day holiday on Thursday, stocks moved mostly higher and ended the session with a gain of over one third of a percent over the course of an abbreviated trading session on Friday. With the upward move, the major averages once again reached new record closing highs. The strength on Wall Street extended the upward trend seen in reaction to President-elect Donald Trump's shocking victory earlier this month. Trading activity on the day was relatively light, however, as many traders remained away from their desks following the holiday. Most markets across the country were scheduled to close earlier than usual, with the stock markets closing at 1 pm ET.

On the U.S. economic front, the Commerce Department released a report showing that the trade deficit in goods widened much more than expected in October. The report said the goods deficit widened to $62.0 billion in October from $56.5 billion in September. The deficit had been expected to widen to $59.7 billion. The wider deficit came as the value of imports climbed by 1.1 percent to $184.1 billion and the value of exports fell by 2.7 percent to $122.1 billion. However, gains remained capped as traders remained on sidelines ahead of Labor Department's monthly jobs reports due next Friday. Reports on consumer confidence, personal income and spending, pending home sales, and manufacturing activity are also likely to attract attention next week along with the Federal Reserve's Beige Book.

The Dow Jones Industrial Average added 68.96 points or 0.36 percent to 19,152.14, S&P 500 gained 8.63 points or 0.39 percent to 2,213.35 and Nasdaq was up by 18.24 points or 0.34 percent to 5,398.92.

The Indian ADRs closed mostly in green; HDFC Bank was up 1.22%, Dr. Reddy’s Lab was up by 0.57%, Infosys was up 0.40% and Wipro was up 0.30%. On the other hand, Tata Motors was down by 0.08%.

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