US Close 1 Dec 16: US markets closed mixed- DOW reducing OPEC oil led rally at the close.

The Organization of Petroleum Exporting Countries (OPEC) has agreed to cut production to 32.5 million barrels per day, a 1.2mbd (3.7%) reduction from October levels. OPEC said non-OPEC countries have also agreed to cut output by 600,000b/d of which Russia will contribute 300,000b/d.

 

US sharemarkets were mixed on Wednesday with gains in energy and bank stocks offset by falls in the technology sector as well as declines in utilities and real estate. At the close, the Dow Jones index was up by 2 points or less than 0.1% after being up by 104 points at one stage. The S&P 500 index fell by 0.3% and the Nasdaq was lower by 56 points or 1.1%.

 

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