Wall Street mixed on jam-packed session of events and surprise OPEC deal

Stocks dropped on whole on Wednesday and last trading day of the month, despite a 9% rally in oil and the US dollar, as a counterintuitive session unfolded on the back of inflationary outlooks on a macro scale.

Dollar index rises after OPEC deal, approaches 2016 highs

Wit the price of oil set to take flight, higher prices mean inflationary pressures for the local economies and in respect of the US, that means the Fed are going to have to work harder to keep up if they are going to stay ahead of the curve and that is favorable for stocks in the long run as both the higher dollar and borrowing costs will impact not just multinational companies, but domestic business as well.

The Dow Jones, which rose 5.4% in November, ended flat on the day at 19,124 while the S&P 500 shed 5.84 points, or 0.3%, to finish at 2,198.82, however, still on the front foot and up 3.4% for the month. The Nasdaq Composite Index dropped 56.04 points, or 1.1%, to 5,323.68.

Interest rates:

"US 10yr treasury yields rose from 2.30% to 2.41%, probably reacting to oil's surge plus the stronger US data. The 2yr yield rose from 1.09% to 1.13%. Fed funds futures continued to imply a 100% chance of a rate hike in December, with two more rate hikes priced in for 2017. Fed speaker Kaplan advocated removing some accommodation, as did Mester, while Powell spoke about communication - Westpac.

Economic wrap: US data performing better  - Westpac