Wednesday was a typical Thanksgiving week session with a modest upward drift on extremely light volume; the S&P 500 gained 0.2% and NASDAQ 0.3%. Overnight futures were hit over 0.5% on news that European finance ministers did not agree on a deal to release a new package of money to Greece but by today's open those losses were recovered, showing the upward bias in markets. This same news a week ago would have hurt the markets. In economic news, weekly jobless claims were well above 400,000 for the second straight week but Sandy continues to play havoc with the numbers.
The S&P 500 and NASDAQ both continue to drift upward after that reversal last Friday and big move Monday.
The NYSE Oscillator has now moved from an extreme oversold condition to neutral.
In today's stock specific news, Salesforce.com (CRM) a leading tech company saw a massive move up on a slightly positive report, showing how low the bar is out there currently for companies.
- For the fiscal third quarter, sales rose 35 percent to $788.4 million. That beat analysts’average $776.6 million estimate, according to data compiled by Bloomberg. Profit excluding some items was 33 cents a share, compared with analysts’ 32-cent estimate.
Meanwhile, Deere & Co (DE) was not as fortunate, getting hit on its earnings report.
Have a good Thanksgiving and remember Friday is a shortened session for markets.