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Stocks trailed off throughout the day and spent the majority of the day trending in red territory. This movement overshadowed other positive economic reports. The number of first time unemployment filers fell by 34,000 during the week ending Dec. 25 according to the Labor Department. This data was better than what had been anticipated. Economists had expected initial jobless claims to drop to 416,000 and so the drop to 388,000 was a positive surprise and one that could invoke optimism as we close the books on 2010 and move into the new year. In addition to this report, the National Association of Realtors reported that its index of pending home sales rose 3.5% in November. This post was much better than the 3% decline that were originally forecast. Another positive post stemmed from the Chicago PMI. The manufacturing index moved higher than expected in December as it rose to 68.6. Again, this post exceeded expectations as economists had anticipated a drop in the index number. This was yet another sign of growth and economic recovery for our nation. Stock index composites continued to trend lower today however. Asian markets ended their sessions mixed and European markets ended their sessions lower. At end of day close, the Dow Jones Industrial Average was .13% lower at 11,569.79. The Nasdaq was .15% lower at 2,662.98. The S&P 500 was .15% lower and settled at 1,257.90. Author: Frank Matto
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