JR Stock Report: Markets ease into a positive close

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Markets rallied but smoothed into a more moderate pace as our trading session ended Dec. 15.

It was the seventh consecutive upswing for major markets. The underlying news was the hint that the central bankers may be able to start cutting interest rates in 2024, with Fed chief Powell saying they are aware of the dangers of holding on too tight to the reins.

Wall Street rallied on the news, with the Dow industrials hitting a record high. The Commerce Department reported that retail sales rose 0.3% in November from the month before, even though a drop was anticipated. The Labor Department said that jobless benefit applications fell by 19,000 to 202,000.

Economists expected about 224,000 submissions. About 1.88 million people are receiving benefits in the week, about 20,000 more than the week before.

Another report showed that the consumer price index increased just 0.1% in November from October. However, core prices, which exclude the more volatile food and energy prices, increased 0.3%, ahead of last month’s 0.2% increase. Core prices are a figure closely watched by the Fed. However, consumers continue to spend, and retail sales remain robust, wrote Rubeela Farooqi, chief U.S. economist for High Frequency Economics.

“While consumers continue to face hurdles from higher borrowing costs, tighter credit conditions and elevated prices, a still-strong labor market, a positive trend in incomes and an easing in price pressures should keep spending and growth positive for now.”

The Journal Record Stock Index added 17 points even, or 0.82%, and closed at 2,079.89. Advancing issues topped declining issues by a 12-to-8 count.

AAON jumped 5.77 points, or 8.83%. The company’s stock hit a 52-week high this week at 72.15. AAON ended at 71.11, and was the top percentage gainer.

Gulfport Energy fell 4.96 points, or 3.68%, and closed at 129.89. The company announced that accounts managed by Silver Point Capital and MacKay Shields sold a block of 653,464 shares of stock, valued at about $84.2 million. The deal was expected to close on Dec. 14, 2023, and none of the proceeds of the sale will accrue to Gulfport. GPOR was the top dollar loser.

BOK Financial rose 6.01 points, or 7.62%. Of the nine analysts currently covering BOKF, the median price target is $75, with a high of $82 and a low of $68. The previous median price was $79.24. BOKF ended at 84.88.