Thursday, January 3, 2008

Stocks up on favorable economic reports

Reports that the economy added jobs last month & Nov factory orders rose 1.5%, best showing in 4 months, sent stocks up. Dow rose 90, advance/decline ratio was almost 2-1 & NAZ was up 13. Dow continues slightly above 13K, a level with good support in recent months.

In other news, State Street (STT) was up over $5. The president resigned (I wonder how big a pay package he got to resign) as they will take a charge of $279MM based on expected lawsuits over "weak performance of certain fixed-income strategies managed by the investment division." The market views the president's departure more important than the financial hit they're taking.

Oil still flirts with $100. Banks & REIT's at low levels keep drifting down. The MLP index is on fire, up 2, but remains in the broad six month range of 290-310.

No comments: