Midday Report: New York Times Subscriptions Soar; Crude Oil Limits Stock Gains

Stocks move cautiously higher, shaking off early losses that were driven by a slump in crude oil.

Stocks were moving cautiously higher, shaking off earlier losses that were driven by a slump in crude oil. A lagging energy sector did limit gains, though, as traders worried over the likelihood of an OPEC production cut deal. Consumer confidence rose at a faster-than-expected pace to hit a post-recession high in November. The Conference Board's index showed positive sentiment surrounding current conditions and the short-term outlook. President-elect Donald Trump's disparagement of The New York Times  (NYT) may have helped subscription rates. Subscriptions have risen sharply over the past three weeks since the election -- at 10 times the rate of the same period a year earlier. Shoe Carnival  (SCVL) slumped after missing estimates on third-quarter earnings and revenue. The retailer said it suffered from weaker-than-expected sales of its boots and other seasonal goods.