(As of 7:30 am pacific)
Headlines are rampant today;
Mergers, economic reports, massive layoffs at a big bank, international
optimism. The bottom line is a mixed
market. Apple is down over 3 percent, pulling
down the NASDAQ, in what otherwise might be a strong rally. The Dow is up slightly while the S&P 500
is mixed. US economic reports were
strong with the ISM services index in healthy expansion territory and US
productivity up. These reports are the
latest in a series of positive US economic reports that show a recovering
economy. The ‘fiscal cliff’ is the major
factor that is keeping markets from breaking strong to the upside. Oil is down slightly, gold up slightly, while
interest rates continue to fall.
Citigroup announced layoffs of over 10,000 employees in a major
restructuring. There was big news in
commodities as Freeport McMoran announced the potential acquisition of two
rivals. Expect continuing caution from
investors as political talks intensify through the month.
