U.S. stocks ended with big gains for November on Wednesday thanks to a sharp post-election rally, but the S&P 500 finished the day flat as drops in utilities and technology offset energy's surge. Bobbi Rebell reports.
U.S. stocks were mostly lower Wednesday despite a massive rally in energy shares after OPEC agreed to cut production. That drove oil prices about 10 percent higher. The equities weakness tied to dividend stocks, like utilities and telecomm. But for the month, the gains were dramatic, with the Dow up more than 5 percent. Financial stocks, like Bank of America, were higher on Wednesday. Investors expect the market to benefit from President-elect Donald Trump's policies, including higher spending on infrastructure and simpler regulations in the healthcare, and banking industries. Trump has selected former Goldman Sachs banker Steven Mnuchin as Treasury secretary, and billionaire Wilbur Ross as Commerce Secretary. But the market may have to take a break from the extraordinary recent gains, according to Decision Economics Cary Leahey: SOUNDBITE: CARY LEAHEY, CHIEF ECONOMIST, DECISION ECONOMICS, (ENGLISH) SAYING: "I think they became too enthusiastic about the prospect of a big and soon fiscal policy, and they are having second thoughts about how good growth could be in the first half of 2017. " New signs that U.S. private employers stepped up hiring in November, and consumer spending increased last month. Private payrolls rose 216,000 in November, and consumer spending rose by three-tenths of a percent. Personal Income and savings both rose, the latter to a seven-month high. In Europe, shares hit a three-week high, to close the month in positive territory.