Daily Market Recap
Stocks traded lower at the open today. Investors went the weekend without getting any resolution on the fiscal cliff. Greece also failed to provide any clarity regarding the next tranche of relief. Stocks rallied in the final hour of trading with the NASDAQ finishing 0.33% higher and the Dow and S&P 500 down 0.33% and 0.20% respectively.
Internet retailers were up nicely today. Amazon and eBay are the beneficiaries of increased use of mobile devices for shopping because they are consistently the top two online destinations for mobile users. Amazon was the most visited retail website on Black Friday. eBay runs one of the largest online marketplaces. eBay said the volume for mobile transactions on its marketplace jumped 153 percent on Black Friday from last year’s numbers.
All signs point to Europe moving closer towards a deal to release the next tranche of Greek aid money. There is a Eurogroup meeting over the next few days that may provide greater clarity.
Precious metals, copper and grains all traded ahead of the broader markets today. Crude and natural gas finished lower.
Apple was a strong performer in the technology sector today. Semiconductors built on their strong showing from last week. RIMM continues it sharp rise from the depths. Several analysts now like the maker of Blackberry’s. Facebook broke above recent resistance as it spiked higher by more than 8%.
Source: PFS Group
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