Daily Market Recap
Let’s start with something other than the fiscal cliff. There was a good deal of economic numbers out today. November existing home sales were 5.04 million versus a consensus number of 4.90 million. The December Philly Fed number came in well above expectations. The reading was 8.1 versus a consensus number estimate of -1.3. The number was a large improvement over the November reading of -10.7. U.S. Q3 GDP growth revised up to 3.1%. Real growth was revised higher from 2.7% to 3.1%. The main driver of the increase was a revision upward to consumption growth.
The S&P 500 closed higher by 0.55% and the Dow was 0.45% higher.
The strong reading from the Philly Fed matches the positive news from the flash Markit PMI for December.
Treasuries rallied across the curve in early trading led by the 10-year note while the 7 years and 20 years are unchanged on the day. Since there were several auctions earlier in the week things were subdued today ahead of a potential Plan B vote later today.
Commodities were weaker with precious metals, copper, grains and crude oil trailing the market. Gold continues to trade weaker as risk on is favored on hopes of a successful resolution to the fiscal cliff.
Financials were an area of strength again today. Large-cap banks/brokers continue to climb. Bank of America, JP Morgan Chase, Goldman Sachs and Morgan Stanley all traded higher. Life insurers also were stronger again today. Discover Financial Services was a laggard in the space after their earnings report was received unfavorably.
The fiscal cliff talks continued today. People on both sides of the ledger took turns saying those on the other side weren’t doing their fair share. Maria Bartiromo of CNBC let some poor member of Congress have it right between the eyes at the start of the last hour of trading today. She voiced the frustrations of all of us today. She was in rare form.
Source: PFS Group
About PFS Group
PFS Group Archive
|05/16/2013||Daily Market Recap||story|
|05/15/2013||Daily Market Recap||story|
|05/14/2013||Daily Market Recap||story|
|05/13/2013||Daily Market Recap||story|
|05/10/2013||Daily Market Recap||story|
|05/09/2013||Daily Market Recap||story|
|05/07/2013||Dow, S&P 500 Close at New Record Highs||story|
|05/01/2013||Daily Market Recap||story|
|04/30/2013||Daily Market Recap||story|
|04/29/2013||Daily Market Recap||story|