WEEKEND WRAP: Stocks Flat After Week Of Turmoil; Media Concentration Killing Free Press

Due almost entirely to a stunning November non-farm payroll report, Friday's massive gains offset the losses incurred on the main US indices earlier in the week, leaving the Dow and NASDAQ with minimal losses and the S&P and NYSE Composite with smallish gains for the week.

With the prior month's job gains calculated to be 266,000, there was a great deal of encouragement for the US economy, despite almost no progress in US-China trade talks.

Though the week was a tumultuous one, ending with a bang, the overall arc was about as noticeable as the earth's curvature from a three-story building.

While stocks were going nowhere, crude caught a bid, as Saudi Arabia and OPEC nations vowed to cut another 500,000 barrels a day production in the first quarter of 2020. The move was seen as bullish for crude, though the cohesion of OPEC members remains questionable. The Saudi's are convinced that some members are failing to meet promised production cuts, putting lid on global oil prices. WTI crude oil closed out the week at $59.07. Gas prices shot up across the United States and Europe.

As is usually the case, gold and silver were beaten down during Friday's stock ramping. Gold ended at $1,458.40 per ounce, while silver bit the dust at $16.49.

Bonds were also whipsawed, with the 10-year note lost 11 basis points on Monday, with yield dropping from 1.83% to 1.72%, only to see it all eviscerated by Friday, finishing the week at 1.84%.

All markets appeared to be on unstable ground as the holiday season progressed and such condition may persist for the foreseeable future. The impeachment of President Trump continues apace in the House of Representatives, the trade war is likely to get hotter, holiday shopping usually lulls during the second and third week of December, and protests in Hong Kong and France (and in many other countries, over various issues) are taking a toll.

Oddly enough, America's mainstream media wishes to have nothing to do with protests in other countries, perhaps hoping that by not airing real news, Americans will not get any ideas about speaking up on issues that affect them. None of the major TV networks allowed any air time to the French protests over pensions, nor did the Washington Post. It's as though 800,000 people protesting in Paris, while the massive public transportation system was halted due to striking workers, actually did not happen. Americans are being kept in the dark about international developments unless it somehow fits their narrow narrative of "impeach Trump" and "trade war bad."

It wasn't long ago - maybe 30 years or so - that the United States had a free, fair, and balanced press. Since media cross ownership rules were relaxed, first in 1975, again in 1996, and again in 2003, media ownership concentration has gotten to the point at which we are today, where six or seven companies control roughly 95% of all mainstream media. It's no wonder that Americans are perplexed about world affairs, economics, and politics. The powers in the media have conspired together to keep the general public blissfully ignorant.

The internet has changed where Americans look for news to some degree, but, the large media companies own or control much of that as well, making it difficult for the average person to discern what is real, what is opinion, and what is fake. Until the FCC rolls back the liberalization of ownership concentration rules, Americans are almost certain to be shielded from news and stories that those overseeing network conglomerates believe to be too dangerous, too damaging, or simply to controversial to air.

The status quo, deep-state owned media in America is second only to congress as its own worst enemy and it may become even worse during the coming election year.

At the Close, Friday, December 6, 2019:
Dow Jones Industrial Average: 28,015.06, +337.27 (+1.22%)
NASDAQ: 8,656.53, +85.83 (+1.00%)
S&P 500: 3,145.91, +28.48 (+0.91%)
NYSE Composite: 13,588.29, +105.99 (+0.79%)

For the Week:
Dow: -36.35 (-0.13%)
NASDAQ: -8.94 (-0.10%)
S&P 500: +4.93 (+0.16%)
NYSE Composite: +43.08 (+0.32%)