Thanksgiving Overshadows Conflict in Turkey

Monday, stocks fell in Asia 0.4%, in Europe 0.3%, and just slightly in the U.S. on light volume. Tuesday, stocks saw little change for the day in Asia, but they dropped sharply in Europe — down 1.3% — likely in response to Turkey downing a Russian fighter jet.  In the U.S., stocks ended the day up 0.3% on light volume. With tensions high in the Middle East, it was not surprising to find oil shooting up 3% to close at 42.88.

Wednesday, stocks closed off 0.5% in Asia, up 1.4% in Europe, and virtually unchanged in the U.S. on very low volume. Lack of broad participation as shown here is a sign of market weakness. Thursday, stocks in Asia gained 0.4% and those in Europe rallied 0.9% while markets in the U.S. paused to celebrate the Thanksgiving holiday. Friday, stocks fell in Asia 0.3% and in Europe 0.9%. In the U.S., they closed the holiday-shortened trading day virtually unchanged on extremely low volume. Crude oil slid back 3% to close at 41.71 as Middle East concerns dissipated.

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