Stocks took a breather on Monday from their recent upward trek, with the Dow and S&P 500 registering small losses on the day. On Tuesday, the Dow marched ahead to yet another 5-year high on little economic news of note. Stocks gave back some of Tuesday’s gains on Wednesday following the Fed’s statement that the economy has stalled recently, as well as a preliminary report showing that the 2012 fourth quarter GDP declined slightly rather than expand by 1.0% as predicted. On Thursday the month ended on a down note, as new weekly jobless claims rose. This was all forgotten on Friday, as the major indexes jumped more than a percent on positive job and manufacturing reports. The Dow reached the 14000 mark for the first time since October 2007.
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Following the long MLK holiday weekend, the markets opened on Tuesday by continuing to push up against 5-year highs on positive earnings news from DuPont and Travelers. On Wednesday, the major indexes kept their winning streaks alive when it was announced that the US House of Representatives voted to move the debt ceiling resolution decision to May, which allows the US to at least temporarily continue to pay the bills. The Dow logged its fifth straight gain and tenth in the past eleven trading session on Thursday on encouraging job news. New US jobless benefits claims fell to a 5-year low. However, a disappointing earnings report from Apple dragged down the S&P 500 and NASDAQ. The week concluded on Friday with another uptick, as the S&P 500 crossed the 1500 mark for the first time in five years. The S&P 500 is now only 63 points from an all-time high, while the Dow is only 269 points from its all-time high.
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The major indexes finished mixed on Monday as a lack of economic news led to little movement in stocks. On Tuesday it was much of the same, with small gains managed by the Dow and S&P 500 on positive December retail sales numbers. The Dow’s five day winning streak ended on Wednesday. Still, losses were light, and the S&P 500 and NASDAQ had small gains. On Thursday the Dow rallied close to a 5-year high on news that the House is considering a plan to not oppose a short-term increase in the debt ceiling. US housing starts for December also rose more than expected. The Dow finally set a 5-year high on Friday as debt ceiling progress encouraged investors to buy more, at least in the short-term.
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Stocks took a breather on Monday, as investors took some profits from last week’s steep run-up. The markets slid again on Tuesday leading up to Alcoa’s kick-off of the fourth quarter earnings cycle after hours. Alcoa’s positive earnings report gave the major indexes a boost on Wednesday, as the Dow and S&P 500 recouped part of their losses from earlier in the week. On Thursday the rise continued with an 80 point gain by the Dow on positive job news. While initial unemployment claims rose more than expected, continuing jobless claims sank to their lowest level in more than four years. The S&P 500 also hit a 5-year high. The week ended on Friday with stocks essentially unchanged after a disappointing earnings report by banking giant Wells Fargo.
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The last day of 2012 was the best last day of a trading year ever, at least as far as the Dow is concerned which tacked on an additional 166 points on increasing optimism over a fiscal cliff solution. Trading resumed on Wednesday after New Years with a bang, as the markets reacted to the long-awaited, if not tardy, fiscal cliff solution from Congress. The 308 point Dow gain was its largest ever for the first trading day of a year. The rally stopped on Thursday following news that some Fed Reserve members are in favor of ending its bond-buying initiative to stimulate the economy. Still, the day’s losses were minimal. On Friday, stocks continued their upward trek on a job report that met expectations. The US unemployment rate rose marginally from 7.7% to 7.8%. The Dow finished at a 5-year high.
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Stocks logged a healthy 1% gain on Monday after news spread that US House Speaker John Boehner proposed a fiscal plan that included a tax rate increase, a first for the Republican side during the fiscal cliff discussions. Th Dow added an additional 100+ points on Tuesday, as further progress in fiscal cliff talks were made. On Wednesday the market gave back most of Tuesday’s gains when fiscal cliff talks stalled, as President Obama indicated he would veto Boehner’s “Plan B” that would raise taxes only on households earning more than $1 million. The major indexes experienced moderate gain on Thursday on positive economic news on several fronts. Third quarter GDP was revised up to 3.1%, November existing home sales rose more than expected, and the Philly Fed index of business activity increased much more than expected. Fiscal cliff concerns returned on Friday as a last-minute deal has not yet been struck by Washington. The Dow dropped 120 points as a result.
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On Monday, the major indexes traded in a narrow range around the unchanged mark as investors continue to wait for progress to be made in fiscal cliff talks. Despite marginally bad wholesale inventory and business optimism index reports, stocks enjoyed a strong showing on Tuesday, as the Dow moved back above the mark it held on election day last month. On Wednesday the Dow extended its winning streak to six sessions, albeit with a very tiny gain, despite the Fed’s announcement that interest rates would remain very low as long as the unemployment rate stays above 6.5%. A larger than expected drop in jobless claims failed to spark the market on Thursday, as moderate losses brought stocks down. The week ended on Friday on another down note as the S&P 500 lost its weekly gains despite a lack of bad news on the day.
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The Dow and S&P 500 receded half a percent on Monday on a surprising drop in a Institute of Supply Management manufacturing report. On Tuesday, the major indexes were stagnant on no major economic news. Rising optimism over a deal being reached to avoid a fiscal cliff propelled stocks upward on Wednesday. On Thursday stocks tacked on further gains as weekly jobless claims fell more than expected. The week concluded on Friday with another win for the Dow and S&P 500 as the US unemployment rate dipped to 7.7% from 7.9%.
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The Dow and S&P 500 experienced modest losses on Monday following last week’s huge upswing, as slightly disappointing Black Friday sales dampened the mood a bit. Still, the NASDAQ managed a small gain. On Tuesday selling accelerated as word sperad that Republican and Democrat leadership were not making any progress on fiscal cliff talks. Stocks bounced back on Wednesday following remarks by House Leader John Boehner and President Obama expressing optimism over a deal being reached. On Thursday stocks zigzagged with each sentence uttered by the leading politicians to settle somewhat higher. The market closed the week on Friday with little fanfare, as US consuner spending slipped for the first time in six months.
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