All European markets were closed today for Christmas-related holidays and many Asian markets were closed as well. Because of this, total exchange volume in the US was very light. Only 420 million shares traded vs the 711.88 million 20-day average on the NYSE. The S&P 500
(INDEXSP:.INX) rose 0.47% and has now risen 3.4% in the last six trading days. The leading sectors were energy and industrials. Utility sector stocks lagged as the 10-year Treasury yield touched 3% for the first time since September.
The official Chinese news agency Xinhua reported this morning that the Chinese government said that 2013 GDP growth will be 7.6%, slightly above the 7.5% target. In other Chinese news, money market rates continued to moderate after the central bank injected liquidity into the financial system last week. The 7-day repurchase rate declined for a third straight day to 5.33% after a peak of 9.8% on Monday.
News reports indicated that UPS
(NYSE:UPS) failed to deliver all of its pre-Christmas packages on time due to heavy holiday volume, particularly in its air system. As a result, some Amazon
(NASDAQ:AMZN) customers received their packages late; Amazon has offered gift cards and refunds. The monetary damage for Amazon is still unknown, however, this should be another positive signal that consumer demand is picking up despite broadly cautious holiday sales reports.
Tomorrow's FInancial Outlook
There will be no major economic data or earnings releases in the US tomorrow. Most major markets will remain closed around the world.
Japan will issue a number of economic data reports overnight. The country’s December consumer price index, November retail sales, industrial production, and employment figures will all be released.
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