Dubai Debt Relief, Stocks Higher, Iran Takes Hostages

  • November 30, 2009
  • David Goodboy

After trading in negative territory for most of the day, a late session buying frenzy pushed shares positive at the close. Dubai World stated it was in constructive talks with lenders while U.S. Banking giants calmed default fears by stating their exposure is manageable. Word of Iran taking a British yacht crew hostage triggered a spike higher in crude oil. The DJIA gained +34.92 to 10344.84, the tech heavy Nasdaq advanced +6.16 to 2144.60 and the broad based S&P 500 moved higher by +4.14 to 1095.63.

American International Group
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PowerRating): Sanford Bernstein dramatically cut its outlook sending shares down by 14.62% or $4.87 to $28.43.

Deere & Co
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PowerRating): An upgrade at JP Morgan triggered shares higher by 2.14% or $1.12 to $53.48.

SuperValu
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PowerRating): Shares dropped 4.16% or 60 cents to $13.82 upon a Morgan Stanley downgrade.

Aflac
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PowerRating): Advanced 5.61% 0r $2.45 to $46.10/share after being upgraded by Credit Suisse.

Gold climbed $7.50 to $1183.00, oil added $1.23 to $77.21 and the VIX index fell 1.37% to 24.51.

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Market Snapshot

Dow

 +34.92 10344.84

NASDAQ

 +6.16 2144.60

S&P 500

 +4.14 1095.63

Economic
News

Chicago PMI (Nov): Consensus: 53.3, Prior: 54.2

Construction Spending (Oct): Consensus: -0.4, Prior: 0.8%

ISM Index (Nov): Consensus: 54.8, Prior: 55.7

Pending Home Sales (Oct): Consensus: -0.5, Prior: 6.1%

Auto Sales (Nov): Consensus: NA, Prior: NA

Truck Sales (Nov): Consensus: NA, Prior: NA

Challenger Job Cuts (Nov): Consensus: NA, Prior: -50.7%

ADP Employment Report (Nov): Consensus: -148K, Prior: -203K

Crude Inventories (11/27): Consensus: NA, Prior: 1.02M

Fed Beige Book: Consensus: NA, Prior: NA

Initial Claims (11/28): Consensus: 483K, Prior: 466K

Continuing Claims (11/21): Consensus: 5517K, Prior: 5423K

Productivity-Rev. (Q3): Consensus: 8.5%, Prior: 9.5%

Employment Cost Index (Q4): Consensus: NA, Prior: 0.4%

ISM Services (Nov): Consensus: 51.5, Prior: 50.6

Nonfarm Payrolls (Nov): Consensus: -114K, Prior: -190K

Unemployment Rate (Nov): Consensus: 10.2%, Prior: 10.2%

Average Workweek (Nov): Consensus: 33.1, Prior: 33.0

Hourly Earnings (Nov): Consensus: 0.2%, Prior: 0.3%

Factory Orders (Oct): Consensus: 0.1%, Prior: 0.9%