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US stocks were slightly higher on Monday, led by gains in the Nasdaq which were propelled by technology shares. Sectors in the S&P 500 index was mixed, with healthcare and technology driving stocks higher, and Energy shares bucking the trend. As November is about to come to a close, Energy has been the best performing sector. For November, the energy sector is up more than 36%. The S&P 500 index closed the week near all-time highs.

Bitcoin prices took a tumble after closing above 18K on Wednesday, dropping nearly 3K points on Thanksgiving. The decline in the US dollar is helping to lift foreign stocks, with the EFA European ETF hitting fresh highs. Bond yields were steady and crude oil eased. Black Friday deals, were skewed to online deals as most consumers remained away from the Malls. The spread of the virus put a damper on consumer spending. According to the Commerce, Department spending dipped in October.

Consumer Spending Declines

Consumer spending moderated in October, According to the US Commerce Department. Spending rose 0.5% after a revised 1.2% gain in the prior month. This is the smallest gain since April. Expectations were for a 0.4% rise. Incomes sank 0.7% in October as government programs ended. Expectations were for a 0.5% drop. Inflation slowed as well. The Personal Consumption Expenditures (PCE) Index, the Feds favored gauge for inflation slowed to a 1.2% annual rate down from a 1.4% gain in September. The core PC which removes food and energy increased at a 1.3% annual rate, down from 1.5% in the prior month. The savings rate dipped to 13.6% from 14.3%. Wages and salaries rose 0.7% in the prior month.

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