OPEC meeting is key to witnessing gains in stock market holdings

by Mike Elliot | Wednesday, Nov 30, 2016 | 130 views

Whether the US manufacturing sector continues to be in sound health or not may depend largely on what the OPEC meeting of next week will yield. The highly anticipated meeting is due to take place next week and has sparked a wide range of speculations from all corners of the industrial sector. It is also likely that economic data is due to change face of the market following the thanksgiving holiday which just ended. Economic experts around the world are strongly looking forward to what the coming week has to offer in as far as trade is concerned.

Market indicators as week ended

Many stocks closed the week at records that experts are considering as fresh bad records. In the limelight are the Dow Jones Industrial Average and the S&P 500 index which both registered losses thus completing a fourth straight losing streak. During the week, the Dow Jones rose by 1.5 %, while the S&P 500 registered a slightly smaller gain of 1.4 %. Another index to have registered gains is the Nasadaq Composite index which rose by 1.5 % as it closed the Friday trading session.

Things to look forward to this coming week

This coming week will certainly be an interesting trading week. There is a lot to look out for. First of all, there will be a critical analysis of the Friday job report and the highly anticipated Federal Reserve rate hike which is scheduled to take place in December, sources say. But, the OPEC meeting is even more interesting as it will give a direction to the uncertain crude oil investors. Rumours of an oil deal that is understood to have the toppling of the supply glut on top of its agenda have continued to rock the global market.


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