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dow2664 Although stock futures prior to opening bell for the last trading session set the stage for the lower open for U.S. stocks, a huge rally during the trading session pushed the primary indices far into the green during the session. All three primary indices in the U.S. finished on positive ground. The Dow Jones Industrial Average closed higher by 4.24 percent at 12,045.68. The Nasdaq finished higher by 4.17 percent at 2,620.34 and the S&P 500 finished the day green by 4.33 percent at 1,246.96. It was the largest gain for the Dow since 2009. The significant rally stemmed, in part, from the central banks coming together to ease global market strains in hopes of boosting the global economy. A handful of central banks announced last session that they would take steps to improve economic activity by making it cheaper to borrow U.S. dollars. The Federal Reserve, as well as central banks of Canada, England, Switzerland, Japan and the eurozone have announced that they will work in unison to lower prices on dollar liquidity swaps beginning on December 5th. The “swap arrangements”, will continue up to February 1st of 2013. Stocks in Europe and the U.S.A. surged today on the news. In addition to this positively skewed report, economic news in the U.S. was better than expected. The ADP report showed that private sector employment grew by about 206,000 in November. This was well above the expected 125,000 number that most economists were anticipating. The Midwest manufacturing report, the Chicago Purchasing Managers Index, posted data that expressed positive expansion. Finally, the Fed’s Beige Book posted today and portrayed slow to moderate economic growth for the U.S. based on outlooks from primary banks across the country. The dollar gained on the euro last session and oil price per barrel moved up to 100.44 per barrel. Frank Matto
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