The S&P 500 rallied at the end of the day to close 0.29% higher, up just 0.13% for the week. Trading started to the upside based on strong employment numbers. November nonfarm payrolls were up by 146,000. Early gains were quickly surrendered after the preliminary reading of the December Michigan Sentiment came in below estimates. The preliminary reading came in at 74.5 versus 82.7 last month and a consensus estimate of 82.4.
Speaker of the House Boehner and Minority Leader Pelosi spoke before the gathered throng of media and essentially said much the same thing. They had nothing to offer.
Financials extended their recent gains. The large investment banks in Europe that were in ruins a few years ago continue to roar ahead. Citigroup moved higher again to close the week. They announced a major restructuring early in the week and the stock has moved straight up since then. Bank of America gained another 1.7% today to end the week 7.8% higher. When the stock broke through the $10 barrier earlier in the week technical traders stepped in and drove the stock higher. JPMorgan Chase was also up nicely today.
Crude oil retreated from overnight electronic session highs of close to $87 a barrel. Fiscal cliff worries overshadowed better-than-expected jobs data. Oil finished lower for the fourth consecutive session and finished the week 3.4% lower.
Transports slightly underperformed the market today. Trucking stocks have been weaker all week and that trend continued today. Rails were slightly better but overall were mixed.
Gold and silver were both up slightly today. The metals traded higher for the majority of the session but buying never reached a fevered pitch.
Source: PFS Group