(As of 7:15 am PST)
US stocks opened flat today as investors sifted through
retail sales data ahead of the holiday season.
Sales at US retailers rose in October after declining in September for
the first time in 8 months. The data showed that lower gas prices at the pump
were helping consumers, acting as a tax break, by putting more dollars back in
their pockets to spend. Reaction to the retail sales report was muted. In other
news, a preliminary reading for November’s University of Michigan/Thomson
Reuters Consumer Sentiment report showed sentiment rising to 89.4, the highest
level since 2007. Since this was the first reading and subject to change, the
market’s reaction was uninspiring. Overseas, markets are mixed. Asia finished
the week on a mostly higher note while European indexes are also up slightly.
Oil is rebounding today, up 1.5% to $75.30/barrel while gold is also higher.
Interest rates are flat. It’s been a very quiet week for the equity markets.
With little economic data, a quiet Federal Reserve, and a holiday thrown into
the mix it’s been rather uneventful. All told, it appears the major benchmarks
are on track for another week of gains.
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