December 1, 2017 / 9:25 PM / in 14 days

BUZZ-U.S. stocks weekly: Tables turn

** S&P 500 rocked Fri, but ultimately advances for 2nd straight week. Finishes up 1.5 pct

** Downside reversal in the market’s tech titans had them fail a big test on the charts

** That said, SPX was able to shrug off tech’s sudden stumble on a growth to value rotation

** Nevertheless, SPX’s severely overbought levels, extended monthly streaks, leave it vulnerable

** And although DJI had its best week of 2017, surpassing 24k for first time, stretched run can lead to rubber band effect

** Vast majority of sectors rise; telecom, financials and industrials surge, while tech wobbles

** Financials soar 5.2 pct. Big banks rally, JP Morgan hits record on strong economic data, rising yields and tax bill hopes. KBW Bank index leaps nearly 6 pct

** Industrials up 2.9 pct. Airlines, package delivery names chug higher on tax cut prospects. DJT jumps ~6 pct

** Energy gains 2.7 pct. Oil rises after OPEC extends output cuts

** Cons Disc up 2.1 pct. Retailers surge on robust start to holiday shopping season and record high consumer confidence. L Brands and Macy’s top 2 SPX stocks, both up ~15 pct

** Tech drops 2 pct. Investors cash in some chips as group trips on the charts . Indeed, charging semis showed signs of pulling up as neared their dotcom boom peak; Phil Semi index slides >6 pct

** SPX sector YTD performance thru end-Nov: reut.rs/2AN5RDA

** Meanwhile, UBS says despite week’s gains, tax cuts still not fully priced into market

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