(As of 7:15 am PST)
US markets continue to march upward with the broad
indexes eyeing more records in this session.
It’s a very quiet day news-wise.
The Labor Department released its weekly jobless claims report today which
showed jobless claims dropped a whopping 42,000 last week to the lowest level
in over a year. Weekly changes,
especially during the holidays, tend to be volatile but the trend lately is
that labor market conditions are improving.
Shares of Twitter continue their incredible run, up 2% today, while
several retail stocks like Fossil and Bed Bath & Beyond are also
higher. Historically, the week between
Christmas and New Year’s is a positive one for the markets. The ‘Santa Claus’ rally as it’s often
referred to often has to do with end of year portfolio shuffling, investor
confidence after holiday shopping and the absence of large traders who are on
vacation. If things continue, it’ll be
a nice way to end the year. Gold is higher
by 1% today, while oil is slightly up.
Interest rates are higher with the 10 yr. treasury nudging the 3%
line. Expect a quiet finish to the week
for the markets.
No comments:
Post a Comment