Diamonds and Dogs
The holidays, Black Friday and a 52 week low in oil is a good recipe for the airlines, cruise ships and the retail sector. The big three airlines Delta (DAL), American Airlines (AAL) and United (UAL) are all up over 2%. The cruise liners are also higher with Carnival (CCL), Royal Caribbean (RCL) and Norwegian Cruises (NCLH) up 2% or more. The retail sector is higher today, but not as much as expected. A number of retailers are lower including Macy's, Ross Stores, TJX, and Kohl's.
Another bad day for oil as the price of oil drops 7% to a more than a 52 week low. The value of a barrel of oil has tumbled about 20 percent this month, adding to a seven-week streak of consecutive losses. Brent futures hit $58.95 per barrel, while West Texas Intermediate slid to as low as $50.60 per barrel early Friday. Exxon Mobil (XOM) slipped more than 3%, Chevron (CVX) was down more than 4%, and the Energy Select Sector SPDR (XLE) set a new 52-week low. The good news for oil investors is OPEC and non-OPEC members are meeting in Vienna on Dec. 6 and are expected to start curtailing output.