TheStreet Live

Stocks held mixed as a rally in crude oil failed to provide an across-the-board lift. Oil surged after OPEC delegates reached a deal to cut production. The bloc will reduce its output by 1.2 million barrels a day. Valeant Pharmaceuticals was a big drag on the health care sector after talks to sell its Salix unit broke down. The company had previously been in negotiations with Japan's Takeda to sell the unit for $10 billion. Business conditions in the Chicago region improved in October to their best level since January 2015. Chicago PMI rose to a level far higher than analysts had anticipated. Pending home sales for October came in weaker than forecast as constrained inventory made for a bumpy recovery in the housing sector. Sales of homes in which a deal had been made but contract not yet signed rose just 0.1%.

U.S. stocks moved slightly higher Wednesday as oil prices surged on expectations that OPEC would agree to cut production. The Dow Jones Industrial Average hit a fresh record high. The oil cartel is meeting in Vienna and a decision is expected Wednesday. A production cut would likely impact prices in the short-term, but not the long-term, analysts say. Plus, energy stocks like Exxon Mobil , Chevron and BP moved higher. Some 216,000 private sector jobs were created in November, according to ADP, beating estimates of 160,000. The official November jobs report from the government is released on Friday. Shares of American Eagle Outfitters tanked after reporting weaker than expected fourth quarter earnings guidance. The company reported a 2% increase in third quarter same store sales, missing estimates of 2.9%.

The OPEC Secretary General indicates the oil producing nations can reach some kind of deal to cut production. Oil has been all over the place in the past week or so, depending on each bit of news from the oil producing nations of OPEC. Brent crude has rallied as much as 6% this morning. OPEC is meeting today in Vienna, Austria. Former Goldman Sachs Banker Steven Mnuchin is President-elect Donald Trump's choice for Treasury Secretary. In that position, Mnuchin would be the face of the U.S. economy to the world. Trump has also named billionaire investor Wilbur Ross as his choice for Commerce Secretary. Both need Senate confirmation. Air conditioner plant Carrier says it will keep 1000 jobs at its Indiana plant, about half the jobs it had planned to move to Mexico. The Wall Street Journal says the company will receive new government incentives.

The Dow Jones Industrial Average fell just short of a new record close with just modest gains after a massive surge in crude. West Texas Intermediate rallied to its highest settlement in five weeks after OPEC members agreed to a production cut. The Federal Reserve's Beige Book backed up recent data showing improvements in the U.S. economy. The anecdotal snapshot showed conditions in the 12 Fed districts continue to improve, though there were no signs of an extra bump after the U.S. presidential election. GoPro rose after announcing plans to cut 200 jobs, or 15% of its workforce, as part of restructuring efforts. The company plans to return to adjusted profitability next year. CSX moved higher after lifting its fourth-quarter guidance. The railroad operator said macroeconomic headwinds that had hit volume were beginning to ease.

Stocks climbed as evidence of an economy on the mend overshadowed a slump in crude oil prices. Third-quarter GDP in the U.S. was upwardly revised on the back of robust consumer spending. Crude oil was a big drag, though, as doubts resurfaced over whether major oil producers could agree to a production cut. Iran reportedly argued that OPEC members that had increased output in recent months should bear the burden of a freeze. OPEC members will meet tomorrow. Pfizer was upgraded to OVERWEIGHT from EQUAL WEIGHT at Barclays. Analysts said the company should be able to use foreign cash to boost returns. Wells Fargo forecasts that Boeing could up its dividend by 10% to 15% when its board meets in mid-December. The firm kept a NEUTRAL rating on the stock.

Stocks moved cautiously higher, shaking off earlier losses driven by a slump in crude oil. A lagging energy sector did limit gains, though, as traders worried over the likelihood of an OPEC production cut deal. Consumer confidence rose at a faster-than-expected pace to hit a post-recession high in November. The Conference Board's index showed positive sentiment surrounding current conditions and the short-term outlook. President-elect Donald Trump's disparagement of The New York Times may have helped, not hindered. Subscriptions have risen sharply over the past three weeks since the election at ten times the rate of the same period a year earlier. Shoe Carnival slumped after missing third-quarter earnings and revenue. The retailer said it suffered from weaker-than-expected sales of its boots and other seasonal goods.

U.S. stocks were mixed Tuesday amid a steep decline in oil prices. Prices plunged over 4% to roughly $45 a barrel for West Texas Intermediate. This as hopes of production cuts at this week's OPEC meeting in Vienna faded. Saudi Arabia said that supply and demand in the oil market will balance out even without a deal. A decision is expected Wednesday. The second estimate of third quarter GDP was revised higher to an annualized 3.2% growth, beating estimates of 3.1% and a few notches higher than the initial estimate of 2.9%. Shares of Tiffany rose after third quarter profit of $0.76 a share topped estimates of $0.70. Same store sales fell 2%, but analysts had expected a 4.1% decline. UnitedHealth shares were in focus after the company said it expects adjusted earnings between $9.30 and $9.60 a share for fiscal 2017, topping estimates of $7.51. TheStreet's Scott Gamm reports from Wall Street.

Internal discord could disrupt plans for OPEC nations to cut oil production. Reuters reports that a meeting of technical experts couldn't resolve difference between Saudi Arabia and Iran and Iraq over the mechanics of implementing output reductions. Oil prices are tumbling as a result. OPEC meets tomorrow in Vienna. Cyber Monday set a record for online sales. Adobe says when all is counted, Cyber Monday will see $3.39 billion in online sales. Cyber Monday sales are on track to edge out Black Friday sales by $50 million. Cyber Monday sales were up 9.4% from last year. President-elect Trump is expected to make more announcements today about his cabinet. Reports say Congressman Tom Price is Trump's pick for Health and Human Services Secretary. Price is an orthopedic surgeon who has introduced bills to dismantle and replace Obamacare.

Stocks closed lower, ending four days of gains for the S&P 500 and the Dow Jones, while oil prices rose on hopes an agreement to cut output could be reached at an OPEC meeting in Vienna on Wednesday. Amazon shares fell almost 2% as Citigroup analysts said the online retailer has had to sharply discount its prices in order to compete this holiday season. Analysts slashed their price targets on the stock. Consumers spent $3.34 billion shopping online on Friday, a nearly 22% increase from the same day last year, according to Adobe Digital Insights. An estimated 122 million Americans are expected to shop this Cyber Monday, the National Retail Federation reported. H&R Block fell over 7% as BTIG downgraded the stock to sell from neutral, noting that President-elect Donald Trump's promise to simplify tax filing may be a negative for the company. TheStreet's Valerie Young has details from Wall Street.

The National Retail Federation estimates that nearly 122 million Americans will be taking advantage of online deals today, but that hasn't helped stocks which are down, putting a four-day winning streak for the S&P 500 and the Dow Jones Industrial Average in jeopardy. However, oil prices skyrocketed on hopes an agreement to cut output could be reached at an OPEC meeting this week. West Texas Intermediate crude oil gained as much as 2.2% Monday after trading in and out of positive territory for much of the morning. Time's shares gained 18% in early trading after its board didn't accept a buyout offer of $18 a share from Edgar Bronfman Jr., according to the New York Post. Bronfman is reported to have worked with Access Industries and an Israeli businessman, on the bid. Shares of information technology services company Cognizant Technology Solutions jumped over 8% after activist investor Elliott Management, who owns 4% of the stock, sent a letter to the company saying it should start paying dividends to shareholders and complete a $2.5 billion share-repurchase plan. Elliott also called for new members on the board. TheStreet's Valerie Young has details from Wall Street.