Stocks Jump, Automakers Fail Senate, Gold Advances

  • December 10, 2008
  • David Goodboy

Stocks closed up across the board today despite the automakers woes and fears of additional malaise in the financial sector. The war of nerves continued as the auto industry failed to muster enough Senatorial support for a carte blanche approval of the bailout plan. The DJIA advanced +70.09 to 8761.42, the tech heavy Nasdaq pushed ahead +18.14 to 1565.48 and the S&P 500 gained +10.57 to 899.24.

American Express
(
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Nike
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Yahoo! Inc
(
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PowerRating) – Added 9.93% or $1.21 to $13.40/share after announcing job cuts due to slowing demand for internet advertising.

Office Depot
(
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Gold soared ahead by $36.40 to $808.80, oil climbed $1.45 to $43.53 and the fear index VIX fell 5.40% to 55.73.

Market Snapshot

Dow

 +70.09 8761.42

NASDAQ

 +18.14 1565.48

S&P 500

 +10.57 899.24

Economic
News

Pending Home Sales (Oct): Consensus -2.3%, Prior -4.6%

Wholesales Inventories (Oct): Consensus 0.2%, Prior -0.1%

Crude Inventories (Dec 06): Consensus NA, Prior NA

Treasury Budget (Nov): Consensus -$193.0B, Prior NA

Export Prices ex-ag (Nov): Consensus NA, Prior -1.2%

Import Prices ex-oil. (Nov): Consensus NA, Prior -0.9%

Initial Claims (Dec 06): Consensus NA, Prior NA

Trade Balance (Oct): Consensus -$54.0B, Prior -$56.5B

Core PPI (Nov): Consensus 0.2%, Prior 0.4%

PPI (Nov): Consensus -1.8%, Prior -2.8%

Retail Sales (Nov): Consensus -1.4%, Prior -2.8%

Retail Sales ex-auto (Nov): Consensus -1.7%, Prior -2.2%

Business Inventories (Oct): Consensus -0.1%, Prior -0.2%

Mich Sentiment-Prel. (Dec): Consensus 58.0, Prior 55.3

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