Morgans Financial Limited

Morgans AM Monday 9 December 2019


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US equity markets rose sharply to end the week, buoyed by a strong November employment report - Dow rallied +337-points or +1.22%, logging its best single session performance since 4 October. 3M Co was the leading index performer with a gain of +4.32% following a Bloomberg report that the consumer and industrial products conglomerate is exploring the sale of its drug delivery systems business, which could be worth ~US$1B. The broader S&P500 +0.91%, marking its largest one-day rise since 15 October and moving back to within 0.2% of its record high (3,153.63) struck on 27 November. Energy (up +2.0%, with Chevron Corp up +1.44% and Exxon Mobil Corp +1.61%) and Financials (+1.35%, with Bank of America Corp up +1.75% and J.P. Morgan Chase & Co +1.49%) led ten of the eleven primary sectors higher, with Utilities (down -0.22%) the only sector to close in the red. The NASDAQ rose +1.00%. Apple Inc (up 0.9%) and Google parent Alphabet Inc (+1.9%) both touched record highs. For the week, the S&P500 rose +0.16%, while both the Dow and Nasdaq lost -0.1%.
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