Dow closes stronger after two days of selling but NASDAQ down $AAPL:xnas
- Published: 06 December 2012
- The markets closed slightly off their highs overnight as positive economic news and more encouraging comments from President Obama in regards to the fiscal cliff debate encouraged markets to rally higher. Although a solution is far from certain Obama told business leaders a deal could be done in a week if Republicans accept the idea of a higher tax rate for the country's wealthiest people
- In economic news the private sector created 118k jobs in November according to the latest ADP data. Although positive this fell short of the +125k consensus. Factory Orders unexpectedly gained in October while the US service sector expanded more than expected in November jumping to 54.7. A reading above50 is positive
- Leading the moves on the S&P500 were financials and utilities while materials fell
- Apple fell 6% overnight, the biggest one day fall in four years after margin rates to hold the stock were doubled by a major clearer
- DOW +0.64%, S&P500 +0.16% and NASDAQ -0.77%
- EUR pulled back from its highs after soft Euro data, AUD was slightly softer overnight
- Gold fell after a bearish outlook from GS, Crude fell 1.1% on higher US inventories
