Christmas week saw stocks climb higher, despite a tumble last Friday. The major stock indexes posted gains, led by the Global Dow and the NASDAQ. Scant holiday trading amplified market moves during the week. Information technology led the market sectors, with health care, communication services, utilities, financials, and energy also outperforming. Bond values receded, pushing yields higher. The dollar edged up, while gold prices ticked lower. Crude oil prices gained after falling the previous week.
Last Week’s Economic News
-
- New orders for long-lasting goods decreased 1.1% in November following a 0.8% increase in October.
- November saw sales of new single-family homes increase 5.9% from the previous month and 8.7% above the November 2023 rate.
- The international trade in goods deficit rose 4.7% in November.
- Exports increased 4.4%, and imports advanced 4.5%.
- Since November 2023, the international trade in goods deficit increased by 16.1%.
- During that period, exports rose 6.1%, and imports advanced 9.6%.
- The national average retail price for regular gasoline was $3.024 per gallon on December 23, $0.008 per gallon above the prior week’s price.
- For the week ended December 21, there were 219,000 new claims for unemployment insurance.
Eye on the Week Ahead
This is expected to be a slow week in the market and for important economic data. The manufacturing purchasing managers’ survey for December is available this week. The manufacturing sector has been slowly picking up steam heading into the new year. It is possible that the December purchasing managers’ index will actually show growth, which hasn’t happened in quite some time.
Have a nice week!
Sincerely,
Robert G. Carpenter