Unemployment claims fall and durable goods orders rise.
Thursday, December 24, 2009. 9:15 a.m.
The Labor Department reported this morning that first-time unemployment claims fell by 28,000 last week to 452,000, the lowest level since September, 2008.
With job losses having unexpectedly plunged to only 11,000 in November, wouldn’t it be something if a small increase in jobs is reported for December when that report comes out in early January. Not likely, but possible.
Meanwhile, the Commerce Department reported this morning that Durable Goods Orders rose only 0.2% in November. That was weaker than the consensus forecast for a 0.6% increase.
However, the overall number was distorted by a huge 32.6% decline in orders for aircraft. Excluding transportation goods, orders rose 2%, with orders strong in every category except transportation.
These positive reports follow yesterday’s disappointing report on new home sales, which fell 11% in November versus the consensus forecast for a 2.4% increase.
Yesterday in the U.S. Market.
It was another quiet day on very low pre-holiday volume, with the Dow moving in a very flat range of only 55 points from its intraday low to its intraday high.
The Dow closed up 1 point, basically unchanged. The S&P 500 closed up 0.2%. The NYSE Composite closed up 0.4%. The Nasdaq closed up 0.7%. The Russell 2000 closed up 1.1%. The DJ Transportation Avg. closed up 0.4%.
Subscribers to Street Smart Report: An important mid-week ‘Markets Signals and Recommendations’ report, and an important hotline update, are on your website from last evening.
Asian markets were higher last night on thin holiday volume.
The DJ Asia-Pacific Index closed up 1.1%. Hong Kong, Australia, and Singapore were open for only half sessions in advance of tomorrow’s holiday.
Among individual countries; Australia closed up 1.1%. China closed up 2.6%. Hong Kong closed up 0.9%. India closed up 0.7%. Japan closed up 1.5%. Singapore closed down 0.2%. South Korea closed up 1.3%. Taiwan closed up 0.8%.
NOTE: If you’d like to see charts of how these and other markets have performed for the week so far, month so far, and last 3-months, click here, and click on any of the market indexes at the left side of the page it takes you to.
Markets this morning:
European markets are up fractionally.
Oil is up $.13 a barrel at 76.80 at the moment.
Gold is up $8 an ounce at $1,101.
In the U.S.
U.S. markets are closing early (1 o’clock) today, and will be closed tomorrow, Christmas Day.
Trading will again be very light today.
Our pre-open indicators are somewhat positive, pointing to the Dow being up 25 points or so in the early going, meaningless as to direction.
NOTE: Our offices will be closed from 11 o’clock this morning until 9 a.m. next Monday. (If you subscribe before 11 a.m. you will still have immediate access to the subscriber’s area for the weekend. Otherwise you will have to wait until Monday).
But I will be back Saturday morning with a wrap-up of this week, and an outlook for Monday and next week.
Stock Market Patterns.
There is no weekly pattern for this week. The next weekly pattern will be the next ‘monthly strength period’, which is due to begin on Wednesday of next week, Dec. 30, and to run through Thursday, January 7.
And then we will be in the all important 4th quarter earnings reporting period!
Interesting Charts of the Morning.
The dollar is becoming overbought short-term, so it’s rally is liable to become choppy as it waits for its 30-day m.a. to catch up.
Please scroll down to see other recent ‘Interesting Charts of the Morning’.
To read my newspaper column from last weekend ‘Is the Rally in the U.S. Dollar Real?’ click here!
OUR VERY BEST WISHES FOR HAPPY HOLIDAYS TO ALL!
Subscribers to Street Smart Report: The mid-week ‘Markets Signals and Recommendations’, and an important hotline update, are on your website from last evening.
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