Friday, December 21, 2012
A failed follow through to vote on "Plan B", as offered by Speaker Boehner Thursday evening, pushed U.S. stocks to steep losses, although buying late in the day pushed stocks well off their lows. The S&P 500 sunk 0.94% and the NASDAQ 0.96%. While Plan B had no chance to pass the Senate or President Obama's veto, the lack of cohesion in the House added to uncertainty which the market dislikes.
- Personal income rose 0.6% in November, while spending increased 0.4% -- both figures came in higher than expected. The savings rate rose to 3.6% in November, up from 3.4% in October.
- Thomson Reuters/University of Michigan's consumer-sentiment index for December fell to 72.9, below the 75.0 expected by economists, and down from November's 82.7.
- Durable goods orders for November rose 0.7% on the month, beating expectations of a 0.1% decline.
Oil fell 1.6% to $88.66 while gold gained 0.9% to $1660.10 and silver added 1.8% to $30.20.
British stocks fell 0.3%, German stocks 0.5%, and French stocks 0.15%.
Japan fell 1% and China 0.7%.