Stocks opened the new week similar to how they have traded for most of the sessions in December – in a very small daily range. Later this week is the Federal Reserve meeting so investors might be waiting for that as a catalyst; if not then nothing seems to be moving the market until the fiscal cliff can is kicked. The S&P 500 gained 0.03% while the NASDAQ gained 0.3% Overseas there was drama in Italy as Prime Minister Mario Monti announced he will resign after budgets are complete. Meanwhile in China, inflation popped a bit to 2.0% from 1.7%, while some economic measures such as electricity usage increased, as the country expands its infrastructure spending.
Here is an updated look at the long term charts of the S&P 500 and NASDAQ for the year with a few weeks to go.
The resiliency in the market of late is interesting considering there has not been of weakness in the name brand tech names such as Google (GOOG), Priceline (PCLN) and Apple (AAPL) this month, but instead a lot of old school names like Cisco Systems (CSCO), Dell (DELL) and Hewlett-Packard (HPQ) have been leading the charge.
Priceline specifically was hit to the tune of 5% today on a downgrade:
- Deutsche Bank cut its rating on the travel website to “hold” from “buy” and lowered its price target to $710 from $800.
P.S. Have you heard about the $4.2 million Christmas Tree?