Friday, December 27, 2013

Economic Journal - Friday, 12/27/2013

(As of 7:15 am PST)

It’s another quiet day on the markets with no economic data to report.  All 3 indexes are up as the Dow is poised to set its 51st record high of the year.  Social media stocks are slipping this morning after an analyst downgrade to Twitter brought the social network’s stock down 4% after surging 76% on the month.  Facebook and LinkedIn followed course, but tech giants IBM, Intel, and Oracle helped keep the Nasdaq in the green.  International markets are also higher with Asia finishing on a positive note, and European markets rallying after being closed for a two day Christmas break on a surging Euro. Oil prices are higher ahead of supply data and gold is also notching higher. The 10 yr. treasury yield finally busted through the psychologically important 3% level, trading at its highest level since July 2011. A thinly traded market will persist through today and next week, as investors shore up portfolios and strategies for the new year. 

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