Stocks took a step back but still managed to be up for the week. Oil continued to drop after OPEC failed to cut production. Bobbi Rebell reports.
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Energy shares under heavy pressure from oil tumbling to a four-year low, but major indexes managed to end the session mostly higher. The Dow at a new record. The Nasdaq at a 14-year high.
Some breaking news after the early close, Bloomberg reporting Vodafone Group exploring a combination with cable operator Liberty Global that would create Europe's largest phone, Internet and TV company, worth more than $130 billion.
Back to markets, for the week.. Stocks were higher for the sixth week in a row. For November, the Dow rose 2.5 pct, the S&P added 2.5 pct, the NASDAQ gained 3.5 pct
Part of that strength - earnings. According to Thomson Reuters, of the 493 S&P companies that reported earnings to date 74 percent have come in above analyst expectations. That is an above average showing.
The OPEC oil cartel did not cut production to curb a slide in global prices. Brent fell to a fresh four-year low, starting an avalanche in oil-related stocks. Companies like Exxon Mobil, Chevron, and Halliburton going down first.
But cheap oil equals cheaper gas and more dollars for U.S. consumers this holiday season. That may bode well for retailers. Terry Lundgren, CEO of Macy's.
(SOUNDBITE) TERRY LUNDGREN, CEO, MACY'S (ENGLISH) SPEAKING:
"We've projected two to three percent same store sales increase for our own licensed businesses for the fourth quarter this year. That would be the fifth year in a row when we've had record sales of continuing to grow this business. In the last four years, we've grown by $4.4 billion in sales at Macy's Inc. I don't think any other retailer can say that without doing so, of our size, without doing so, without adding a lot of stores."
Big retailers like Macy's, Wal-Mart, Target - all up for the day.
Airline stocks also went up on lower oil. American Airlines, JetBlue and Delta leading the pack.
Turning to Europe. The major European country indices ending the session flat.
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