Christmas Rally Continues, New Home Let Down, Wells Fargo Payback

  • December 23, 2009
  • David Goodboy

This last full trading day of the week ended in positive territory across the board. The Christmas week rally continued to its fourth bullish close despite the new home sales figures disappointing traders. Word of Wells Fargo paying back its TARP loans and climbing commodity prices fueled the bullish surge. The DJIA advanced +1.51 to 10466.44, the tech heavy Nasdaq closed up +16.97 to 2269.64 and the broad based S&P 500 moved higher by +2.57 to 1120.59.

Cintas Corp
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PowerRating): Fell 11.19% or $3.32 to $26.36/share after missing second quarter profit estimates.

Ford Motor
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PowerRating): Advanced 2.02% or 21 cents to $10.10/share upon agreeing on all substantial commercial terms to sell its Volvo unit to a Chinese company.

Micron Technology
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PowerRating): Pushed higher by 6.16% or 58 cents to $9.99/share after posting its first profit in 2 years.

New York Times
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PowerRating): A Wells Fargo upgrade sent shares higher by 9.70% or $1.07 to $12.10.

Gold eased higher by $7.80 to $1095.00, oil climbed $2.25 to $76.65 and the fear VIX index eased higher by 0.87% to 19.71.

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Market Snapshot

Dow

 +1.51 10466.44

NASDAQ

 +16.97 2269.64

S&P 500

 +2.57 1120.59

Economic
News

GDP – Third Estimate (Q3): Consensus: 2.8%, Prior: 2.8%

GDP Prices – Third Estimates (Q3): Consensus: 0.5%, Prior: 0.5%

Existing Home Sales (Nov): Consensus: 6.25M, Prior: 6.10M

Personal Income (Nov): Consensus: 0.5%, Prior: 0.2%

Personal Spending (Nov): Consensus: 0.7%, Prior: 0.7%

PCE Prices (Nov): Consensus: 1.6%, Prior: 0.2%

PCE Prices – Core (Nov): Consensus: 0.1%, Prior: 0.2%

Mich Sentiment-Rev (Dec): Consensus: 73.7, Prior: 73.4

New Home Sales (Nov): Consensus: 439K, Prior: 430K

Crude Inventories (12/18): Consensus: NA, Prior: -3.69M

Initial Claims (12/19): Consensus: 470K, Prior: 480K

Continuing Claims (12/12): Consensus: 5175K, Prior: 5186K

Durable Goods Orders (Nov): Consensus: 0.5%, Prior: -0.6%

Durable Goods Orders ex Auto (Nov): Consensus: 1.0%, Prior: -1.3%