Companies featured in this edition of the newsletter: None
This past quiet trading week was underscored by a modest batch of earnings reports and it endured its second consecutive range bound week that ended with a small uptick ahead of the holidays. With the markets closed on Monday, this will make for a short week ahead of the New Year. The Dow finished the week at 19,933 up 90 points or 0.5% from 19,843 last week, and it is up 14.4% for the year. The Nasdaq finished the week at 5,462 up 25 points or 0.5% from 5,437 last week, and it is up 9.1% for the year. The S&P 500 finished the week at 2,263 up 6 points or 0.3% from 2,258 last week, and it is up 10.8% for the year. The Russell 2000 finished the week at 1,371 up 8 points or 0.6% from 1,363 last week, and it is up 20.7% for the year.
In economic news, existing home sales increased 0.7% in November to a seasonally adjusted annual rate of 5.61 million from a downwardly revised 5.57 million for October. The Q3 GDP was revised up to 3.5% from 3.2%, and the GDP Deflator was left unchanged at 1.4%. Initial claims for the week ending December 17 increased 21,000 to 275,000, and continuing claims for the week ending December 10 rose 15,000 to 2.036 million. Durable orders declined 4.6% in November, with a 73.5% decline in orders for nondefense aircraft and parts acting as the major drag. Excluding transportation, durable orders were up 0.5% after increasing 0.9% in October.
Personal income was little changed in November after increasing a downwardly revised 0.5% in October. Personal spending increased 0.2% following an upwardly revised 0.4% increase in October. The preliminary reading for the University of Michigan Consumer Sentiment Index for December checked in at 98.0, up from the final November reading of 93.8.
No market movers reported earnings this week.
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