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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