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Thin Holiday Session Led by Gains in Tech Stocks

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Today's financial recap and tomorrow's financial outlook.

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Money market rates in China continued to rise overnight despite additional short-term liquidity injections by the central bank. The PBoC injected $50 billion in funds last night, but the seven-day repurchase rate climbed 1.4%, to hit 8.9%, nonetheless. The rate has risen more than 4.5% in the past week as banks scramble for year-end cash. Chinese equities, however, broke their streak of nine negative days with a 0.48% rally in the Hang Seng (INDEXHANGSENG:HSI).

US equities continued their move higher, picking up from where they left off Friday. The S&P 500 (INDEXSP:.INX) rose 0.53%, led by strong gains from technology and telecommunication stocks. The session was understandably thin as most investors prepared for the Christmas holiday.

November personal income rose 0.2% from the prior month, according to the US Commerce Department. Spending rose 0.5% month-over-month, up 3.5% from a year ago. The annual rate of increase was the strongest of the year. Core personal consumer prices rose 1.1% from a year ago.

Shares of Apple (NASDAQ:AAPL) rose 3.88% after the company announced it had signed a long-awaited iPhone distribution agreement with China Mobile (NYSE:CHL). The world's largest wireless carrier, China Mobile serves more than 760 million customers. The deal is expected to boost Apple's sales in China by a significant margin.

Tomorrow's Financial Outlook

US markets will close at 1:00 p.m. EST tomorrow for the Christmas holiday. Despite the early close, the US Census Bureau will release data on November durable and capital goods orders in the morning. November new-home sales will also be reported, along with FHFA October home prices.

The only global release of note tomorrow will be the Bank of Japan's report on economic conditions in December.

No US companies are scheduled to report earnings.

Twitter: @Minyanville

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No positions in stocks mentioned.

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