(MENAFN - Baystreet.ca) Stocks closed lower on Friday as investors awaiting a concrete trade deal took some money off the table after a strong month.
The S&P 500 index rose 13.11 points, or 0.4%, to 3,153.63.
The U.S. Treasury will sell 13-week bills and 26-week bills on December 2.
In the week ending November 29, the Dow climbed 0.63 percent, the S&P 500 gained 0.99 percent and the Nasdaq advanced 1.70 percent. The S&P 500 was down 12.65 points, or 0.40 percent, to 3,140.98. For the month, these three indexes added 3.4%, 3.7%, and 4.5%, respectively.
The Dow Jones Industrial Average dipped 112.59 points, or 0.4%, to 28,051.41. The declines came as oil prices fell the most in two months amid signals that OPEC and allied crude producers are averse to deepening output cuts when they convene next week.
"There's probably some room for profit-taking, but that doesn't change our long-term view that the pain trade is a further melt-up", he added.
Stocks have been on fire this month in large part because of optimism around the U.S. China's foreign ministry claimed the USA has "sinister intentions" after Trump signed the bill into law.
Wall Street also kept an eye on retail stocks as Black Friday unofficially kicked off the holiday shopping season.
Online shopping sales on Black Friday were on track to reach 7.4 billion USA dollars, CNBC quoted data from Adobe Analytics as saying on Friday.
Shoppers spent 4.2 billion dollars online on Thanksgiving Day, or Thursday, an upswing of 14.5 percent year over year and hitting a record high, according to Adobe.
Optimism on trade talks between the US and China as well as encouraging reports on the economy kept the market chugging higher.
On the data front, USA initial jobless claims fell sharply last week, pointing to the resilience of the labor market. Technology stocks and companies that rely on consumer spending posted some of the biggest gains. Chipmaker Qorvo jumped 29%.
Despite Friday's losses, the major averages notched monthly gains. Disney shares outperformed in the Dow this month, gaining 16.7% while UnitedHealth climbed almost 11% over that time period.