Wall Street Posts Green! Happy Thanksgiving to All!
Give thanks to the wonderful InvestorsUnderground community this Thanksgiving, helping mint the $$! Wall Street posted solid gains in the last full trading session of the week. A cease fire between Israel and Palestine helped boost market sentiment. The S&P and Nasdaq each advanced for the fourth consecutive session, with the major averages standing at two week highs. Markets will be closed tomorrow for Thanksgiving, and will have an abbreviated session with a 1PM closing time on Friday. It was a light volume session as common sense would tell you, however the economic news was heavy on the jobs and consumer front. The Dow Jones Industrial Average rose 48.38 points, or 0.4%, to 12,836.89, with 24 of its 30 components gaining ground. The S&P 500 index gained 3.22 points, or 0.2%, to 1,391.03, with energy the best performing of the 10 major industry groups and the utilities the only sector to end in the red. The Nasdaq Composite advanced 9.87 points, or 0.3%, to 2,926.55.
January crude oil rose 63 cents, or 0.7%, to $87.38 a barrel on the New York Mercantile Exchange. Gold added $4.60, or 0.3%, to settle at $1,728.20 an ounce, while silver gained 42 cents, or 1.3%, to $33.35 an ounce.
Hurricane Sandy is wreaking havoc on the weekly jobless claims numbers. Yes I know it is only Wednesday, however since the market will be closed tomorrow they moved the traditional Thursday release. Initial claims fell back 41,000 in the November 17 week to 410,000 with the prior week revised yet higher to 451,000. The consensus for the current week was a decrease to 415K. The four-week average for initial claims is now near 400,000, at 396,250 and more than 20,000 over the month-ago trend. But this does not offer any reliable gauge for the monthly employment report.
Consumer sentiment has been pessimistic to roiund out the month, showing a final November reading of 82.7 vs an initial reading of 84.9. Comparing the monthly periods shows little change with November ending one tenth higher than October.