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Stock Market News Today, Nov. 25: Stocks are trading a bit higher this morning, with the Nasdaq topping 4,000 for the first time since 2000 and the Dow Jones Industrial Average and the S&P 500 primed for another record day.
The biggest market news today: Global leaders reached a deal with Iran regarding its nuclear program.
Iran has agreed to curb its nuclear program in exchange for eased sanctions. Iran will halt for six months its production of near-weapons grade nuclear fuel. World leaders hope the short-term deal will prevent any long-term plans to produce nuclear weapons.
Today's stock market rally, which began in the pre-market, did deflate a bit this morning as pending home sales fell to the lowest since last December. The pace of U.S. home sales fell for the fifth-straight month in October as mortgage rates increased and supply dwindled.
In today's session, the S&P 500 is up about 0.1% at 1,806 points, and the Dow Jones Industrial Average is up 0.2% to 16,101 points, hitting a high of 16,101. The Nasdaq Composite Index is up about 0.1%, having marked its high at 4,007.
Gold futures are down more than 1% at about $1,229 per ounce, while March silver and January platinum have also slumped. Meanwhile, the U.S. dollar has increased against most major currencies, including increasing to a six-month high against the yen.
Consumer Stocks Today
The consumer sector holds several noteworthy movers today. Among them, Campbell Soup Co. (NYSE: CPB) shares are down more than 1% after Goldman Sachs downgraded it to "Neutral" from "Buy," with its price target lowered to $42 from $48 per share.
And, Sears Holdings Corp. (Nasdaq: SHLD) is considering selling its struggling Canadian arm Sears Canada Inc. (TSE: SCC.TO), the New York Post reports today. Sears chairman Eddie Lampert is supposedly interviewing multiple banks including Goldman Sachs about conducting a prospective process, the paper reports, citing sources close to the situation.
In other retail news, Wal-Mart Stores Inc. (NYSE: WMT) is up 0.7% today, setting a new 52-week top of $80.57, after the company announced that Doug McMillon will become chief executive officer, replacing Mike Duke, who is retiring.
Duke has been with the world's largest retailer since 1995. He has led the logistics, distribution, and administration divisions, as well as Wal-Mart U.S. He was also vice-chairman of the company from 2005 to 2009.
Finally, Chrysler is said to be setting the price of its initial public offering to try to raise between $1.5 billion to $2 billion, The Wall Street Journal reports.
Financial Stocks Today: Carlyle Group Raises $13 Billion for Buyout Fund
Among the financial stocks in the news today, Carlyle Group LP (Nasdaq: CG) has raised about $13 billion for a buyout fund, its sixth fund dedicated to leveraged buyouts, Bloomberg reports. The details have not been announced.
In other financial stocks news, Tower Group International Ltd (Nasdaq: TWGP) is up more than 7% today as it reports a second-quarter operating loss of $5.10 per share, extended from a loss of $0.40 per share the year prior.
Technology News Today
In significant technology movers in the stock market today, Camtek Ltd (Nasdaq: CAMT) is up more than 60%, easing off its new 52-week high set this morning of $5.29. Camtek filed a 6-K with the U.S. Securities and Exchange Commission saying that Priortech, its parent company, does not know what could have triggered the sudden surge in the stock.
The filing aimed to debunk rumors the parent company was readying to make a tender offer on Camtek.
In other technology stock market news today, Qualcomm Inc. (Nasdaq: QCOM), which specializes in 3G and 4G wireless technology, is apparently being investigated by China's National Development and Reform Commission for alleged violations of the Chinese Anti-Monopoly Law. QCOM is down about 2% but recovering from day lows of $70.96.
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