December 5, 2014 – Business News – Financial News – Stock News –NYSE — Market News 2014

Business News – Financial News – Stock News — New York Stock Exchange — Market News 2014
Markets reached new highs, but not without taking pause at sobering economic news. On Monday, news from the National Retail Federation showed that retail traffic at stores and online over the four day Thanksgiving holiday weekend were down 5.2% from last year. In addition, total spending for the weekend is expected to drop 11%. Also, Markit’s November purchasing managers’ index for the Euro zone was 50.1, its lowest level since June 2013, and China didn’t fare any better coming in at 50. Anything above 50 indicates expansion, while below 50 indicates contraction. The only good news was the Institute for Supply Management’s November index didn’t drop as much as expected and remained strong at 58.7.
On Tuesday, the Dow Industrials closed at a record high, on news of strong auto sales. In November, vehicle sales rose 4.2% to 17.2 million, higher than expectations, and the strongest growth for the month since 2003.
On Wednesday, the Dow Industrials and the S&P 500 closed at record highs, due to encouraging economic reports. The Federal Reserve released their latest Beige Book, showing inflation remains under control, the job market continues to improve, lower gas prices, and they expect robust holiday spending. The ADP employment report for November came in at 208,000, lower than expectations, but still considered strong. The Institute for Supply Management’s November services index was 59.3, up from 57.1 and almost at its highest level in 9 years.
On Thursday, news that the European Central Bank is expected to consider quantitative easing at its January meeting wasn’t enough to keep the markets going up and they closed the day slightly lower. Jobless claims for the week ending November 29th were 297,000, down from the prior week’s 314,000.
On Friday, nonfarm payrolls for November soared, coming in at 321,000 up from 243,000 and dramatically above expectations. The unemployment rate remained unchanged at 5.8%.
December 5, 2014, Weekly Stock Market Wrap up:
JMP Securities (NYSE: JMP)
Biogen Idec (NASDAQ: BIIB)
Abercrombie & Fitch Co. (NYSE: ANF)
Business News – Financial News – Stock Exchange – New York Stock Exchange — Wall Street — Market News 2014

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