Market this Friday 11/30

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a few economic reports of note....October construction spending fell 0.8%. This was a larger decline than forecast, but not really that surprising.

The November Chicago PMI survey on regional manufacturing conditions rose to 52.9 from 49.7 in October. This is just a regional survey and not too much emphasis should be placed on this single data point. Nevertheless, it is a hopeful sign that manufacturing is experiencing modest growth into November.

The core PCE deflator, a favorite inflation indicator of the Fed, was up 0.2% in October.

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there are reports U.S. Treasury Secretary Henry Paulson and major financial institutions are close to agreeing on a plan that would temporarily freeze rates on certain subprime loans. The hope is the plan would curtail the recent surge in foreclosures.

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The stock market got off to a very strong start after Federal Reserve Chairman Bernanke indicated a leaning toward lower rates in a speech last night....Dow up 80 Points, Naz -0.37 rtq.

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We have a slight dip n the major indices since the last update.....Dow up 56 Points, Naz -1.09.....on a separate note reportedly Morgan Stanley's Co-President Zoe Cruz, the presumed successor to the company's top job, was expelled from the company yesterday, according to this morning's edition of The Wall Street Journal.

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Crude closed the session off $2.68 to $88.63pbl and nat gas ended lower by 14.9 cents to $7.303mbtu....Dow up 40.80 Points, Naz -3.44 rtq.