Tuesday was a sleepy, low volatility day typical of holiday week trading. The S&P 500 fell 0.12% while the NASDAQ added 0.07%; both indexes hugged the unchanged line much of the day. Tuesday’s economic reports were mixed; the Conference Board’s index of consumer confidence declined to 88.7 in November from 94.1 the prior month, and the Commerce Department reported gross domestic product climbed at a 3.9 percent annualized rate, up from an initial 3.5 percent estimate.Continue reading
Holiday weeks tend to usually have a modest positive bias on light volume and today was a perfect example of holiday trading. The S&P 500 lifted 0.29% and the NASDAQ 0.89%. Aside from the holidays there was still some carryover from the words and actions of central bankers overseas last week. The S&P 500 trades at 17.2 times its projected earnings, up from a multiple of 15.5 last month and the highest since the end of 2009.Continue reading
U.S. indexes gapped up sharply Friday morning and while they gave back some of those gains later in the day finished with a solid move upward. The S&P 500 added 0.52% and the NASDAQ 0.24%. As has been the case for much of the past 7 years today’s move was driven by central bankers – both in Europe and China.
First in Europe, European Central Bank President Mario Draghi said he will do what is necessary to raise inflation in the region as fast as possible. Should the current policy not be effective, the ECB will “broaden even more the channels” through which it intervenes, by adjusting the size, pace and composition of asset purchases. In Asia, China cut its benchmark interest rates for the first time since July 2012. The one-year benchmark lending rate has been trimmed by 40 basis points to 5.6 percent.Continue reading
Thursday’s inter-day action was more typical of a bull market than some we’ve seen this week as we had a down open met immediately with dip buyers. Indexes finishes near the highs of the day with the S&P 500 up 0.20% and the NASDAQ 0.56%. The S&P 500 closed at a record for the 44th time this year. All economic data Thursday was to the positive:
The Philly Fed Index posted 40.8 for November, more than double the expected 18.3 and the highest since December 1993. Existing home sales hit 5.26 million and leading indicators gained 0.9 percent, both beating expectations for October.Continue reading
Indexes opened lower Wednesday and unlike most recent sessions the dip buyers did not come on as strong. The S&P 500 fell 0.15% and the NASDAQ 0.57%. The focus of the day was a release of the Federal Reserve minutes from the last meeting and most of the talk was of not enough inflation for the Fed’s liking.Continue reading