1) Reports that the struggling retailer Sears was a ghost town on Black Friday is another sign of how Sears is struggling through the holiday season trying to remain in business. Sears hasn’t turned a profit in 8 years.
2) GM announced layoffs of 15,000 employees of which 15% are salary and one fourth are executive staff. Five GM plants will close this next year as GM abandons the traditional automotive sedans and invest in electric cars and autonomous driving cars, which they consider the future of automobiles. Sales of the auto market in US is flattening.
3) Saudi Arabia raised oil production in November because of pressure from Washington to keep oil prices low as Iraq sanctions took effect. But those sanctions have not been as sever, so the result has been a collapse of oil prices from a high of $85 down to $50.
4) 26 NOV 18 Stock market closings: Stock prices are up because of the success of Black Friday and Cyber Monday.
Dow 24,640.24 up 354.29
Nasdaq 7,081.85 up 142.87
S&P 500 2,673.45 up 40.89
10 Year Yield: up at 3.07%
Oil: down at $51.55