Dow dropped 348 (above early lows), decliners over advancers about 5-1 & NAZ retreated 233.  The MLP index fell 2+ to the 211s & the REIT index fell 1+ to the 369s.  Junk bond funds drifted lower along with stocks & Treasuries had limited buying.  Oil was a little lower in the 78s after a good week & gold pulled back 28 to 1796 (more on both below).

AMJ (Alerian MLP Index tracking fund

U.S. weekly jobless claims rise slightly

Mortgage rates continue downward trend, falling for sixth week

As Americans prepare to travel for the Holiday weekend, oil prices in the US increased by more than $2 a barrel earlier this week amid news that a snowstorm is expected to land in the coming days.  Futures for Brent Crude Oil grew by 2.8% to $82.20 a barrel as West Texas Intermediate crude futures were up by 2.7% at $78.29 a barrel.  Both oil benchmarks saw prices increase by at least $2 a barrel.  However, the Energy Information Administration released data showing that crude inventories fell by 5.9M barrels, while the American Petroleum Institute showed that there was a 3.1M barrel draw for last week.  This report is very bullish, especially with the fact that there's a draw from the crude oil.  

US oil prices jump as Americans prep for big travel weekend

Gold prices tumbled, settling at levels under $1800 as the $ gained ground after a raft of strong US economic data exacerbated concerns that the Federal Reserve would stick to its aggressive tightening path.  Gold prices for Feb fell $30 (1.7%) to settle at $1795 per ounce, after recording solid gains earlier this week.

Gold Settles Back Below $1,800 Level as Dollar Gains Ground After Solid GDP Update

Oil's 3-day rally came to a halt as weather forecasts indicated that freezing temperatures initially expected for the Christmas weekend might be delayed, reducing the potential for a spike in heating oil demand.  The Global Forecast System, the weather forecasting model preferred for the US & the ECMWF — the default version used for Europe — are indicating moderating temperatures from the start of next week that could linger into the first week of Jan.  That is opposed to the super cold temperatures the 2 models initially called for from this Fri thru the year-end.  A better-than-expected 3.2% growth in US GDP for Q3 -- versus forecasts for a 2.9% expansion -- also brought rate hike concerns back to the market’s forefront.  US West Texas Intermediate  (WTI) crude for delivery in Feb settled down 80 (1%) at $77.28 per barrel.  Earlier, WTI, as it is known, hit an intraday high of $79.88. For the week, the US crude benchmark was still up about 4.5%, following thru with last week's 4.1% gain. In the prior week, WTI fell 11%, falling to as low as $70.11, a bottom not seen since Dec 21 2021.

Oil Rally Halts as X’mas Cold Delayed; Rate Hike Fears Back on Strong U.S. GDP

Interesting that the revision in US GDP for Q3 got a lot of attention in the commodity futures market vs hardly any attention in the stock market.  Longer term, Dow has been going sideways for almost 2 months (see below).  Hmmm!!

Dow Jones Industrials