If we remember last Friday, seems a long time ago, there was a bit of an upward bias in trading by the end of the day with the Dow rallying to a new record high of 12,556 up 41 on the day. NYSE volume came in at the lowest of the week so the lowest of the year so far. There could have been some early departures for the long weekend that caused the lower volume with a slight upward price movement.
With our stock market doing well on Friday, the rest of the world celebrated with higher prices on Monday a day without trading here in the US. As trading begins in Asia this evening, there seems to be a little less exuberance then on Monday when the Hong Kong market was up about two percent. This should be an interesting week for the world markets as we see many earnings reports. Let’s see what Tuesday brings us.
Upcoming Week’s Major News Items:
NY Fed manufacturing index—Tuesday
Fed’s beige book—Wednesday
Dec housing starts—Thursday
Jan Philly Fed business index—Thursday
Dow Industrials: 12,556.08 +41.10 (new high)