It has been a quieter holiday week than usual, even as most holiday weeks are by definition relatively quiet. Maybe this is due to the large jump last week but we haven’t seen the various pockets of momentum stocks hopping around as normally happens in holiday trading. Indexes began without any real premarket movement and finished just about where they began. The S&P 500 fell 0.01% while the NASDAQ added 0.26%.
Fun fact: The week of Thanksgiving is seasonally positive for stocks. Over the last 10 years, the S&P 500 was up for six of those holiday weeks and posted an average return of 1.9%.
In economic news, consumer spending increased just 0.1% in October compared with the 0.3% expected. Less bearish was durable goods which soundly topped expectations with a headline rise of 3.0% in October. The non-defense, ex-aircraft figure rose 1.3% after an upwardly revised 0.4% gain in September.Continue reading