Christmas Rally Continues, New Home Let Down, Wells Fargo Payback

By | TradingMarkets.com | December 23, 2009 04:30 PM

This last full trading day of the week ended in positive territory across the board. The Christmas week rally continued to its fourth bullish close despite the new home sales figures disappointing traders. Word of Wells Fargo paying back its TARP loans and climbing commodity prices fueled the bullish surge. The DJIA advanced +1.51 to 10466.44, the tech heavy Nasdaq closed up +16.97 to 2269.64 and the broad based S&P 500 moved higher by +2.57 to 1120.59.


Cintas Corp ( CTAS | Quote | Chart | News | PowerRating): Fell 11.19% or $3.32 to $26.36/share after missing second quarter profit estimates.


Ford Motor ( F | Quote | Chart | News | PowerRating): Advanced 2.02% or 21 cents to $10.10/share upon agreeing on all substantial commercial terms to sell its Volvo unit to a Chinese company.


Micron Technology ( MU | Quote | Chart | News | PowerRating): Pushed higher by 6.16% or 58 cents to $9.99/share after posting its first profit in 2 years.


New York Times ( NYT | Quote | Chart | News | PowerRating): A Wells Fargo upgrade sent shares higher by 9.70% or $1.07 to $12.10.


Gold eased higher by $7.80 to $1095.00, oil climbed $2.25 to $76.65 and the fear VIX index eased higher by 0.87% to 19.71.


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Market Snapshot


















Dow

 +1.51 10466.44












NASDAQ

 +16.97 2269.64






S&P 500

 +2.57 1120.59









Economic
News










GDP - Third Estimate (Q3): Consensus: 2.8%, Prior: 2.8%


GDP Prices - Third Estimates (Q3): Consensus: 0.5%, Prior: 0.5%


Existing Home Sales (Nov): Consensus: 6.25M, Prior: 6.10M


Personal Income (Nov): Consensus: 0.5%, Prior: 0.2%


Personal Spending (Nov): Consensus: 0.7%, Prior: 0.7%


PCE Prices (Nov): Consensus: 1.6%, Prior: 0.2%


PCE Prices - Core (Nov): Consensus: 0.1%, Prior: 0.2%


Mich Sentiment-Rev (Dec): Consensus: 73.7, Prior: 73.4


New Home Sales (Nov): Consensus: 439K, Prior: 430K


Crude Inventories (12/18): Consensus: NA, Prior: -3.69M


Initial Claims (12/19): Consensus: 470K, Prior: 480K


Continuing Claims (12/12): Consensus: 5175K, Prior: 5186K


Durable Goods Orders (Nov): Consensus: 0.5%, Prior: -0.6%


Durable Goods Orders ex Auto (Nov): Consensus: 1.0%, Prior: -1.3%



Read David's latest thoughts on his blog, www.marketsurfer.com
Original publication: December 23, 2009
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