Wednesday, January 9, 2013
U.S. stocks continue to stall, very range bound, since the big push the first day of the year. The S&P 500 gained 0.3% and the NASDAQ 0.45% but essentially these indexes have not changed from their close last Thursday. As earnings season kicked off with Alcoa last night, analysts expect earnings for companies in the S&P 500 to grow 3.2% in the fourth quarter versus last year. Economic news flow continues to be light.
Crude oil dropped 0.05% to $93.10, gold fell 0.4% to $1655.50, and silver gave back 0.7% to $30.25.
The U.K.'s FTSE 100 rose 0.7%, its highest finish since May 22, 2008. Germany's DAX gained 0.3% as did France's CAC-40 advanced 0.3%.
- Germany industrial output grew 0.2% in November from a month earlier, short of the 1% rise expected.
The Shanghai Composite closed fractionally lower on the day, while Japan's Nikkei advanced 0.7%.