Wednesday, December 13, 2006
Hey Big Spenders
At the beginning of the trading day, the Dow was able to reach a new all-time high at 12,368.61. This came on a better than expected November retail sales report. Sales during the month rose 1.0 percent overall, which was well above estimates for growth of just 0.1 percent. This followed up two consecutive months of declines for retail sales, but also diminished hopes of a rate cut in early 2007. Nonetheless, the data did confirm that the economy is in good shape despite a weak housing market.
Stocks remained on the up until the release of the weekly crude inventory report. Crude supplies fell by 4.4 million barrels for the week ending Dec. 8. Though stocks remain above average, the news pushed oil prices higher by 35-cents to $61.37 a barrel. The fact that distillates were lower by 0.5 million barrels was also a worry, leaving supplies of this commodity below average.
The net result stocks were flat for the day.
The SPX rose 1.65 points to 1,413.21. We are firmly in the green with only one trading day to go. It looks like we have another winner so you can now start thinking about what Christmas pressies you will be buying your loved ones.
Until next time.
Stocks remained on the up until the release of the weekly crude inventory report. Crude supplies fell by 4.4 million barrels for the week ending Dec. 8. Though stocks remain above average, the news pushed oil prices higher by 35-cents to $61.37 a barrel. The fact that distillates were lower by 0.5 million barrels was also a worry, leaving supplies of this commodity below average.
The net result stocks were flat for the day.
The SPX rose 1.65 points to 1,413.21. We are firmly in the green with only one trading day to go. It looks like we have another winner so you can now start thinking about what Christmas pressies you will be buying your loved ones.
Until next time.
# posted by Paul @ 6:36 PM 
