(As of 7:05 am PST)
The Santa Claus rally
continues to pick up steam as US stocks opened higher this morning. The Dow Jones Industrial Average pushed past
18,000 for the first time ever, as investors cheered an upwardly revised Q3 GDP
figure amidst other mostly positive data. GDP growth rose to a 5% annual pace
in the third quarter blowing past analysts’ expectations. The surprise push was
due mostly to a large increase in consumer spending, likely reflecting the
positive effects of lower gas prices in the past several months. Other data
showed durable goods orders declining last month while a report on consumer
spending showed spending rising to the fastest pace in 3 months in November.
International markets are mixed with Asian indexes finishing mostly lower,
while European stocks inched higher. Gold is lower today while oil is up slightly.
Due to low holiday trading volumes expect markets to maintain their current
course throughout the remainder of the week.
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