Wall Street Going For Three in a Row!

Morning Outlook

Futures are once again trending towards a nice start Wednesday. All signs are pointing to a pre-cliff deal. More housing data is being added to the mix to help add fuel to gains, with housing starts in November being released before the opening bell. Futures for the Dow Jones Industrial Average rose 35 points to 13,311, while those for the Standard & Poor’s 500 index gained 3.1 points to 1,444. Futures for the Nasdaq 100 index advanced 9.5 points to 2,711.

The same deal on deal off trend continued in Tuesday action, with the blue chips advancing another triple digits. The Dow Jones Industrial Average finished at 13,350.96, up 115.57 points, or 0.9%. The S&P 500 Index gained 16.43 points, or 1.2%, to 1,446.79, with technology and energy leading gains among its 10 industry sectors. The tech heavy Nasdaq Composite Index gained 43.93 points, or 1.5%, to 3,054.53, a nice move for the recent market laggard.

Currencies and Commodities

The dollar rose 0.44% at 84.5800 yen in the currency market. The euro is gaining 0.51% at $ 1.3296 while the pound appreciated 0.23% to $ 1.6290. Gold is falling $3.70 to $1,668.60 an ounce, while silver is losing 0.98% at $31.36. Light, sweet crude for January delivery is up 43 cents to $88.40 per barrel on the NYMEX; a 0.49% advance.

Economic Calendar

8:30 AM
Housing Starts: Measures initial construction of residential units for the month of November. Housing construction impacts so many other segments of the economy, from consumer spending on appliances and material to labor. The consensus figure is 865,000 units, with the range going as low as 840K up to 940K. Housing starts for October rose 3.6 percent to an annual pace of 894,000. This followed a giant 15.1 percent revised surge in September.

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