Roundup: U.S. stocks waver amid OPEC deal, economic data

U.S. stocks fluctuated in the past week as investors were assessing the OPEC output cut deal and the latest economic data from the country.

For the week, the blue-chip Dow inched up 0.1 percent, and the broader S&P 500 dipped 1.0 percent, while the tech-heavy Nasdaq tumbled 2.7 percent.

The market was most surprised by an OPEC output cut deal on Wednesday. The cartel decided to cut its oil output by 1.2 million barrels a day, setting the ceiling of oil production at 32. 5 million barrels a day.

The reduction is effective from Jan.1, 2017, and is the cartel's first oil reduction since 2008. The reduction is being coordinated with the non-OPEC country Russia, who promised to cut its production by 300,00 barrels per day.

Both U.S. oil and Brent crude rocketed about 9 percent Wednesday following the news. Lifted by the surging oil prices, the energy sector spiked 4.82 percent as the biggest advancer in the S&P 500's ten sectors.

On the economic front, the country saw better-than-expected economic growth data on Tuesday.

U.S. real gross domestic product (GDP) increased at an annual rate of 3.2 percent in the third quarter of 2016, beating market consensus of 3.1 percent, according to the second estimate released by the commerce department Tuesday.

The second estimate is higher than the advance estimate of 2.9 percent. In the second quarter, real GDP increased 1.4 percent.

"Consumer spending led the charge for the best quarter of growth in two years, adding to recent optimism and more than solidifying the Fed (U.S. Federal Reserve)'s case to resume rate hikes in December," said Jay Morelock and Sophia Kearney-Lederman, economists at FTN Financial in a joint note.

According to the CME Group's FedWatch tool Tuesday, market expectations for a December rate hike were 96.3 percent.

The Conference Board Consumer Confidence Index came in at 107.1 in November, up from 100.8 in October.

On Wednesday, the country's Commerce Department said U.S. personal income in October increased 98.6 billion U.S. dollars, or 0.6 percent, beating market consensus of 0.4 percent.

Meanwhile, U.S. private sector employment increased by 216,000 jobs from October to November, well above market estimates, according to the November ADP National Employment Report.

The November purchasing managers' index registered 53.2 percent, an increase of 0.9 percentage point from the October reading of 52.1 percent, according to the Institute for Supply Management on Thursday.

Also on Thursday, the commerce department said that construction spending during October 2016 was estimate at a seasonally adjusted annual rate of 1,172.6 billion U.S. dollars, 0.5 percent above the revised September estimate.

On Friday, the country's labor department released a stronger-than-expected jobs report. According to the report, the U.S. total nonfarm payroll employment increased by 178,000 in November, and the unemployment rate declined to 4.6 percent, the lowest level in nine years.

Analysts said the better-than-expected jobs data might strengthen the case for an interest rate hike later this month.

U.S. Federal Reserve will hold its next policy meeting, also the final of the year, on Dec. 13-14.

Investors widely expected the Fed would move the rates at the December meeting. According to the CME Group's FedWatch tool Friday, market expectations for a December rate hike were 97.2 percent. Endit