Updated throughout the day
November 24, 2015
U.S. stocks edged slightly higher Tuesday, with the Dow and S&P 500 adding 0.1%. The Nasdaq ended flat. Oil jumped more than 3% on tensions in the Middle East and gold bounced its lows as markets grew increasingly nervous about the Turkey-Russia showdown. Exxon Mobil and Chevron benefited from the push, rising 2% and 1.5% respectively.
Here’s what else you need to know:
Turkey downs Russian-made SU-24; Putin issues warning. The warplane was shot down by Turkish fighter jets after repeated air space violation warnings. In a televised appearance, Russian President Vladimir Putin warned that the action would have “serious consequences for Russo-Turkish relations.” One of the pilots was shot and killed as he parachuted into Syrian territory and the other was captured by rebel forces. New York Times (paywall)
Goldman Sachs says stocks in 2016 are going to be boring. The S&P 500 should end next year at 2100, just a smidge above where it is today, the investment bank says. Wall Street Journal (paywall)
Indiana governor sued for refusing Syrian refugees. ACLU filed a lawsuit against Indiana Gov. Mike Pence on behalf of a refugee agency. The lawsuit claims that Pence’s rejection of Syrian refugees is unconstitutional. Talking Points Memo
Presidents Obama, Hollande meet to discuss war on terror. It’s the first time Francois Hollande has been to the U.S. since the attacks in Paris on November 13. Hollande is on a global tour to whip up support for the battle against the Islam State group. The effort to create a coalition is more complicated now that Turkey has shot down a Russian fighter jet; Hollande visits Putin later this week. Wall Street Journal (paywall)
Two airlines cancel Sharm el-Sheikh flights. British Airways and Easyjet have canceled services between the U.K. and the Egyptian resort town at least through the beginning of January. BBC
Worst of all worlds for GDP revision. The second estimate for third quarter GDP was raised to 2.1% from 1.5% — but only because inventories are higher. Personal consumption was weaker. Second quarter GDP was 3.9%. WBP Online
S&P /Case-Shiller housing index up 4.9% in September. The index, a rolling average of the previous three months, shows continued strength in housing prices year-over-year. “Home prices and housing continue to show strength with home prices rising at more than double the rate of inflation,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. S&P Dow Jones Indices
The State Department has issued a global travel alert in the face of rising terrorism. The travel alert will be in place until February 24 and is in response to a tide of terror attacks by the Islamic State group, al Qaeda, and Boko Haram. BBC
Chicago police officer charged with murder. Jason Van Dyke, a white officer, has been charged with first-degree murder in the death of black teen Laquan McDonald in October. Van Dyke will appear in court Tuesday afternoon. CNN
In another Midwest city, five people were shot near a “Black Lives Matter” protest. Gunfire erupted in Minneapolis were people were protesting the shooting death of Jamar Clark. The suspects are three white males. CNN
Fatal twin blasts in Egypt hotel on Sinai Penninsula. Two bombs exploded outside a hotel in Egypt housing election judges on Tuesday, killing at least three people and injuring 12. The blasts came a day after the second round of a parliamentary election closed. Guardian
Audi to pay millions for software update. The Volkswagen-owned carmaker reportedly needs to pay somewhere in the mid double-digit millions to update the software in its U.S.-market 3 liter diesel models. Authorities however have yet to give the German giant approval. MarketWatch
Aussie troops “will not fight IS”. Australian prime minister Malcolm Turnbull has said the so-called Islamic State (IS) group is weak and Australia has no plans to send combat troops to fight it. His remarks contrast those of his predecessor Tony Abbott who described IS as a “death cult.” BBC
You won’t believe this:
Dutch ambassador to Sudan swims the Nile. Susan Blankhart made the muddy trip after she got 10,000 Facebook likes. Her goal: To draw attention to the 372,000 people –mostly lower and middle-income — that drown every year. CNN
Wizard of Oz dress — sweat stains and all — sells for $1.56 million. The dress Judy Garland wore in classic movie was one of ten made for songbird. New York Post
Photo: Marina