U.S. Market Update
It's a quiet post holiday Friday in the US, featuring light trading volume in all markets. An absence of economic data makes it doubtful there will be any conviction behind today's moves. European markets remain closed for Christmas. US equities are higher (DJIA +44, Nasdaq +1, S&P500 +3) as a few positive stories help to lift the market. GM is boasting a 15% pop this morning after getting an early Christmas present from the Fed on late Wednesday-the Fed approved GMAC as a bank holding company, clearing a path for the company to get government monies from the TARP. Ford is up 10%.
The retail sector is holding up well this morning, despite a SpendingPulse report that December US sales through the 24th were down an estimated 4% from year ago. Countering this report is Amazon (AMZN +3%), which said it had its "best holiday season ever," though the internet retailer neglected to provide any specific revenue or margins data. Apple (AAPL +2%) is higher after Wal-Mart confirmed it would sell the iPhone 3G at its stores at a $2 discount to the regular list price for the handheld device.
In Treasuries, the yield curve continues to flatten out. The 30 year is up a full point, with the yield now firmly below 2.60%, and the 10-year yield is hovering around 2.15%.
After hitting a fresh two year low on Wednesday, crude futures are rebounding modestly today, up 2% to $36.20. Natural gas futures are down 1.2% as the Northeast experiences a warming trend.
Trade The News Staff
Trade The News, Inc.
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