Stocks coasted to modest losses Friday as investors turned from election and Federal Reserve rate hike news to the upcoming holidays.
The Nasdaq dropped 0.4%. The S&P 500 ended down 0.2% and the Dow Jones industrials slipped less than 0.1%. Preliminary data showed volume on the NYSE and Nasdaq coming in higher than Thursday's levels.
Before the open, a worse-than-forecast 19% drop in November housing starts and a 5% decline in issued building permits set the market on shaky footing.
Oil ended higher on news that Saudi Arabia and several other members of the Organization of the Petroleum Exporting Countries had told some customers they would reduce deliveries beginning in January. West Texas Intermediate rose 2% to $51.90 a barrel, ending up less than 1% for the week. The number of U.S. rigs working rose for a seventh-straight week to an 11-month high, according to weekly data reported from Baker-Hughes (BHI).
Dow components UnitedHealth (UNH) rose 2% and General Electric (GE) added 1.7%. UnitedHealth received positive ratings on its upcoming debt issue. GE earned a Bernstein upgrade to outperform from market perform and a price target hike to 40, from 33. GE is working to get some breathing room above a 31.59 buy point in a cup-with-handle base.
Oracle (ORCL) and Adobe Systems (ADBE) were two of the day's most closely-watched plays.
Adobe reversed an early gain and dropped 2% after disappointing guidance overtopped a solid fiscal fourth quarter performance reported late Thursday. The stock is working on a flat base, but has been hitting resistance at its 50-day line.
Oracle dropped more than 4%, after a mixed fiscal Q4 report late Thursday.
Rebounding stocks posted some of the strongest gains on the stock market today.
Alexion Pharmaceuticals (ALXN) bounced 3% to lead the Nasdaq 100. Oppenheimer initiated coverage on the stock Thursday with a perform rating. Shares had fallen 17% in a two-day sell off Monday and Tuesday.
On the IBD 50 list, cloud backup services provider Carbonite (CARB) nipped up more than 3%, taking back ground lost in a heavy-volume 8% dive on Thursday. Shares ended 49% since a July breakout. The stock began flashing sell signals in early November.
IBD 50 stock Wingstop (WING) swung up 2% to end just below a 33.20 buy point in a cup base. The chicken-wing chain briefly topped the buy mark on Dec. 8 and 9, then pulled back in quiet trade.
HealthEquity (HQY) slipped more than 2%. The health savings account portal is consolidating, 31% above a flat base after a September breakout.
