US stocks cap a short week’s worth of gains with another rising session (one with an early closing,) driving the the major indexes to fresh year highs, although the light volume that’s attended this week leaves the moves suspect.
As the saying goes, volume equals validity, and there’s been little of the former this week, leaving the latter open to question. So while visions of sugar plums dance in traders heads, nobody knows what Saint Nick’s got in store for them yet.
DJIA gains 54 (0.5%) to 10520, up about 1.8% on the week. S&P 500 rises 6 (0.5%) to 1126, importantly rising past the 1121 mark. Nasdaq Comp gains 16 (0.7%) to 2286. Initial jobless claims slide more than expected, but durable goods come in below expectations.
Equities’ gains are welcome, but low volume leaves the current levels subject to speculation. Keep an eye out as retailers make the last push, even as snow blankets the Midwest.
Happy Christmas to all, and to all a good night!
Tags: Dow Jones Industrials, Economy, Paul Vigna, S&P 500, Stocks
Posted by Paul Vigna
on December 24, 2009
Economic Indicators,
Economy,
Unemployment /
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And you're surprised the layoffs are easing up?
So once again the weekly report on initial claims showed a drop, and a bigger one than expected. Initial claims fell 28,000 to 452,000, the lowest level since last September, the Labor Department reported. Expectations were for a drop of around 10,000.
That’s got some economists thinking the December jobs report, due Jan. 8, will be better than expected. RDQ Economics notes the decline in claims, “raises the chances that we might see a positive payroll reading in December or January.” And Ted Wieseman of Morgan Stanley says the claims improvement suggests “upside risk” that December job losses could be less than Morgan’s current forecast of a loss of 25,000.
It’s long been apparent that the rate of firings has abated, especially from the absolutely torrid pace of this time a year ago (and running through the first half of this year.) But what also remains clearly, and it may not get as much attention because it isn’t as easy to headline as jobless claims, is that hiring remains decidedly weak.
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Tags: Continuing Claims, Dan Greenhaus, Initial Claims, Jobs, Paul Vigna, Unemployment
US stocks futures point to a higher opening on this Christmas eve, and while today’s half session will likely be a sleepy one, traders will have some economic news to chew on, as well as the big vote on healthcare reform down in Washington.
There’s economic data on tap, with durable goods report for November at 8:30 a.m., as well as weekly jobless claims. Stock market closes at 1 p.m., bond market at 2.
And, of course, it’s the final, final push for retailers. The Gap store across the street is open, and I can see some people milling about inside. The “Up To 60% Off” signs are still in the front windows, so I wonder if maybe retailers won’t resort to the most dire price cuts (as if 60% off isn’t a severe cut.)
S&P futures up 2.80, DJ futures up 19. Dollar down against the euro, crude’s down about 30 cents, 10-year’s up a bit, yield around 3.74%.
Senate passed the latest version of the healthcare plan this morning, on a strict party-line vote. So now the two versions, the House version and the Senate version, will need to be reconciled before heading off to the President.
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Tags: Dow Jones Industrials, Economy, Healthcare, Paul Vigna, Retail Sales, S&P 500, Stocks
US stocks cap a short week’s worth of gains with another rising session (one with an early closing,) driving the the major indexes to fresh year highs, although the light volume that’s attended this week leaves the moves suspect.
