Markets Friday 12/21

ron · #1 (**permalink**) 12-21-2007, 12:01 PM

this opening n the economic front: - according to the Dept. of Commerce, November re income rose 0.4%, spending rose 1.1% and core-PCE increased 0.2%. Economists expected a 0.5% increase for income, a 0.7% increase for spending, and a 0.2% increase for core-PCE.

ron · #2 (**permalink**) 12-21-2007, 12:03 PM

market is holding onto its post-economic data gain.....In earnings news, Walgreens (WAG +2.49 $38.74) topped expectations, while Circuit City (CC - $1.61 $5.04) posted a larger loss than expected......Dow up 159.41 Points, Naz +34.36, S&P +17.54, NDX +28.84 rtq.

ron · #3 (**permalink**) 12-21-2007, 12:10 PM

Indices pause near resistance: Naz - 2675/2683 .....S&P 1479/1480.....Dow 13397/13410 ......in early trade we have seen these levels hold on the initial test this morning (session highs 2681, 1479, 13401).

ron · #4 (**permalink**) 12-21-2007, 12:15 PM

'Stocks extend their gains after the Fed releases the results of its second $20 billion auction... The auction had 73 institutional bidders, and resulted in a yield of 4.67%. This yield is well above the 4.17% minimum the Fed put in place, but below the 4.75% discount rate that banks would normally have to borrow at. Also, the Fed announced it plans to continue biweekly auctions as long as necessary to alleviate pressures in short term funding markets. Originally, the Fed only planned four auctions.'

ron · #5 (**permalink**) 12-21-2007, 12:46 PM

Stocks are easing a bit at current levels, trading slightly below their best levels of the session. All three major indices have advanced at least 1%. With today's gains, the major indices are set to finish the week in the green....Dow +159 Points, Naz +31.95, s&P +16.48, NDX +25.66 rtq.