Markets Mixed, Goldman Positive, Upbeat Beige Book

  • December 2, 2009
  • David Goodboy

Stocks closed mixed today despite positive words from both Goldman Sachs and the Federal Reserve. Goldman stated that it sees the credit crisis ending with strong world growth in 2010 through 2011. The Fed’s Beige Book report indicated improved conditions nationwide on the back of increased consumer spending. The ADP employment report missing estimates as more jobs were lost than expected weighed on an otherwise bull friendly session. The DJIA fell -18.90 to 10452.68 while the Nasdaq closed higher by +9.22 to 2185.03 and the broad based S$P 500 grew +0.38 to 1109.24.

Alcoa
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PowerRating): Climbing aluminum prices pushed shares higher by 6.56% or 84 cents to $13.64.

GameStop
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PowerRating): Potentially forced by Wal-Mart to cut prices, spooking investors to push shares lower by 8.26% or $1.97 to $21.87.

Micron Tech
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PowerRating): Entered the flash chip market triggering buying with shares climbing 5.02% or 39 cents to $8.16.

Constellation Brands
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PowerRating): The popular wine maker fell 2.78% or 48 cents to $16.77/share upon suffering a Goldman downgrade.

The VIX gave back another 3.65% to 21.12 while gold hit a new record high closing up $12.80 to $1213.00 and oil dropped by $1.77 to $76.53.

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Market Snapshot

Dow

 -18.90 10452.68

NASDAQ

 +9.22 2185.03

S&P 500

 +0.38 1109.24

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%