Morning Market Report 12/21/2012 | Beacon Rock Wealth Advisors

The KUIK Morning Market Report for Friday, December 21:

Markets opened down this morning.

Index	Direction	Change	Units	Last	Time	Change
Dow	Down	120	points	13,190	7:05 AM
S&P500	Down	-1.07%	percent	1,428		(15.41)	points
Nasdaq Composite	Down	-1.43%	percent	3,050		–	points
30 Year Treasury	Down	(6)	Basis Points	2.93	Annual Yield

Stocks fell sharply Friday as Wall Street signals its distress over efforts to avert the fiscal cliff. House Speaker John Boehner dropped a proposal to allow higher taxes on yearly income of $1 million and more because he did not have enough votes to pass it. The Congressional Budget Office forecasts a recession in the first half of next year if the White House and Congress fail to reach a deal.

The Commerce Department said durable-goods orders increased 0.7% in November, and upwardly revised October’s reading to 1.1% from a previously estimated 0.5%. Economists polled by MarketWatch had forecast onlya 0.1% increase for November. For a second month transportation orders were a drag but the five other major durable sectors: primary metals, fabricated metals, machinery, technology, and electrical equipment all posted gains.

After the fiscal cliff vote was cancelled there was a move toward safe assets. The dollar gained against other currencies and crude oil dropped. February crude 1.2%, to $89.03 a barrel in electronic trading.



Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK.

http://www.marketwatch.com/story/stock-futures-slump-after-gop-abandons-plan-b-2012-12-21
http://www.marketwatch.com/story/durable-goods-orders-jump-in-november-2012-12-21
http://www.marketwatch.com/story/oil-beats-hasty-retreat-after-cliff-vote-canceled-2012-12-20


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