Market Recap: Mixed Economic Data Makes for Quiet Trading Session
- Posted on January 4, 2012 at 6:02pm by
Becket Adams
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Markets closed mixed on Wall Street today:
- Dow +0.17 percent
- S&P +0.01 percent
- Nasdaq -0.01 percent
- Oil +0.44 percent
- Gold +0.80 percent
On the commodities front:
- Oil (NYSE:USO) climbed to $103.41 a barrel
- Gold (NYSE:GLD) rose to $1,613.30 an ounce
- Silver (NYSE:SLV) fell 1.44 percent to settle at $29.16
(Related: EU Embargo Agreement on Iranian Imports Puts Pressure on Oil Prices)
Today’s markets were mixed because:
1) Europe: Early reports that Spain might seek rescue funding dampened sentiment, but a spokeswoman for the Spanish government told CNN such reports were “a complete lie” and “radically false.” But while a purchasing manager’s index showed Germany’s private sector to be recovering, demand for Italian debt declined and Greek Prime Minister Lucas Papademos warned that if his government is unable to secure an agreement with international creditors on a new economic plan, Greece could be forced into disorderly default as soon as March.
2) Factory Orders: Though new orders for factory goods rose in November, business spending on capital declined, the Commerce Department reported today. After two consecutive months of declines, orders for manufactured goods increased 1.8 percent in November, the most since July, on demand for transportation equipment. However, closely-tracked shipments for non-defense capital goods excluding aircraft, considered a measure of business confidence and spending plans, fell 0.8 percent in November following a 0.9 percent drop in October, indicating that businesses may be pulling back on capital spending.
3) Stocks: In a relatively thin day of trading, individual stocks became the center of attention as Yahoo! appointed a new chief executive officer and Eastman Kodak prepared to file for Chapter 11. Today, Honda reported a 19 percent decline in sales for December, while Boeing’s announcement that it would be shutting down plants and laying off thousands of workers demonstrated the economic reality of a shrinking defense budget.
[Editor’s note: the above is a cross post that originally appeared on Wall St. Cheat Sheet.]
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trolltrainer
Posted on January 4, 2012 at 8:18pmAwww, Blaze censored my reply to baddoggy! Shame on Beck and free speech.
Anyway, I basically told bad doggy to not poop in his own thread. I have more guns than he does.
Report Post »Baddoggy
Posted on January 4, 2012 at 6:12pmOne day soon we will see a free fall of the sock market. people jumping out of windows and gold and silver going through the roof. Food will be scarce, riots in the streets with large cities being burned to the ground. I have food, water, gold, silver and lead…I am ready. Are you?
Report Post »trolltrainer
Posted on January 4, 2012 at 6:28pmI don’t much care. I live in Florida and rarely wear socks. I am usually barefoot or in flip-flops.
Report Post »HoggKilla
Posted on January 4, 2012 at 6:29pmHave plenty of bullets on hand. We saw how the animals acted over a pair of Nike shoes. God please help, or at least make room for the lost soles I’ll be sending your way.
Report Post »Stuck_in_CA
Posted on January 4, 2012 at 7:06pmThanks For The Bailout: Government Motors To Move Chevy Volt Production To China…
Report Post »General Motors agreed in Shanghai today to develop an electric vehicle platform with longtime Chinese partner SAIC. It effectively moves GM’s future electric vehicle development to China. Unclear is whether this would also lead to assembly of future EVs for the U.S. market in China….
http://content.usatoday.com/communities/driveon/post/2011/09/gm-cuts-china-electric-car-deal—-a-china-shakedown/1
trolltrainer
Posted on January 4, 2012 at 7:11pmDismal sock market, GM electric lemon production moves to China…Yeah, I see the relationship. Carry on my good man…
Report Post »Baddoggy
Posted on January 4, 2012 at 7:40pmTroll will be one of the first to die LOL
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