Thin Holiday Session Led by Gains in Tech Stocks
Today's financial recap and tomorrow's financial outlook.
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.
Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.