Daily Market Recap
The S&P 500 declined 0.37% and the Dow increased 0.09%. The markets were mixed after the 6-week run following the resolution of the government shutdown.
The Dow led the market higher and the S&P 500 and NASDAQ were far weaker. The tech heavy NASDAQ hit a wall today and fell 0.9%.
Investor Carl Icahn made comments that he was “very cautious” and could see a big drop in the market. This led to some profit taking after the close to 10% move put in by the major averages over the past 6 weeks.
Financials, industrials, and telecom services were strong today. Consumer discretionary, consumer staples, energy, technology, and materials were the lagging sectors in today’s trading.
Boeing, Goldman Sachs, and JP Morgan Chase were leaders in the Dow. Boeing and General Electric stood out in the industrial sector as they received large orders for engines and jets.
Philadelphia Fed President Charles Plosser made hawkish comments on interest rates today. He said the Fed missed an “excellent opportunity” to begin tapering its quantitative easing program and to reduce monthly purchases in the mortgage market. He said he would prefer a fixed amount of QE instead of an open-ended program. Mr. Plosser does not currently have a vote on the board. He will be a voting member in 2014.
The NAHB Housing Survey came in at 54 in November against a number of 55 last year and a consensus estimate for the month of 55. The reading is 4 points lower than the multi-year peak reached in August.
Source: PFS Group
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