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The three major U.S. stock-market indexes ended higher on Thursday.
Stocks pulled ahead after strong earnings from Micron Technology revived some excitement in the AI trade, while a softer-than-expected inflation report helped investors make the case for more Federal Reserve interest-rate cuts in 2026.
Stocks held on to those gains throughout the day. Although the Nasdaq Composite was up as much as 2% at one point, the index was off of those highs by the end of the day.
The Dow Jones Industrial Average ended the day about 0.1% higher, according to preliminary data from FactSet.
The S&P 500 closed 0.8% higher.
The Nasdaq Composite ended 1.4% higher.
Recent data from Chinese customs reveals a complex landscape for the nation’s downstream sector. Total refined product exports in November reached 5.12 million tons, marking a 13.3% increase from October despite a slight 2.2% year-on-year decline. For the first eleven months of 2025, cumulative exports have contracted by 3.2% to 52.65 million tons.
Market performance remains bifurcated across product lines. Jet fuel continues to lead growth, with November exports surging 53.6% to 2.43 million tons. Conversely, gasoline exports plummeted 51.7% in November, reflecting a broader 16% year-to-date decline. On the processing side, refinery throughput remains robust. November runs averaged 14.86 million barrels daily, a 39% increase over 2024 levels, even as maintenance sidelined 1.2 million barrels of daily capacity. These figures underscore China’s strategic pivot toward high-demand middle distillates while navigating fluctuating global gasoline requirements and aggressive crude stockpiling.
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