Stock Investors Not Giving Thanks
Tweet
Share
E-mail
Stocks are not in a festive mood ahead of the Thanksgiving break as Eurozone concerns continue to dominate headlines and trading.
At the noon hour the Dow is down 192, the Nasdaq is down 49 and the S&P 500 is down 21.
Things got ugly after a German bund auction failed. Germany was planning to issue €6 billion of 10-year bunds, but only sold €3.64 at an average yield of 1.98 percent. The bid-to-cover ratio was weak at just 1:1. Some said the failed auction reflected lack of confidence in the euro, versus a lack of faith in the German government.
Adding to the pressure, economic data in the U.S. was lackluster. Durable goods orders fell the most since January. Personal spending last month rose just 0.1 percent, versus an expected gain of 0.3 percent. Personal income rose 0.4 percent, better than a 0.3 percent gain expected by economists. The University of Michigan consumer confidence reading for November was reported at 64.1, versus the economist estimate of 64.5.
Jobs data was also weak: first-time jobless claims for the week ended November 19th came in at 393,000, which compared to the economist estimate of 390,000.
At the noon hour the Dow is down 192, the Nasdaq is down 49 and the S&P 500 is down 21.
Things got ugly after a German bund auction failed. Germany was planning to issue €6 billion of 10-year bunds, but only sold €3.64 at an average yield of 1.98 percent. The bid-to-cover ratio was weak at just 1:1. Some said the failed auction reflected lack of confidence in the euro, versus a lack of faith in the German government.
Adding to the pressure, economic data in the U.S. was lackluster. Durable goods orders fell the most since January. Personal spending last month rose just 0.1 percent, versus an expected gain of 0.3 percent. Personal income rose 0.4 percent, better than a 0.3 percent gain expected by economists. The University of Michigan consumer confidence reading for November was reported at 64.1, versus the economist estimate of 64.5.
Jobs data was also weak: first-time jobless claims for the week ended November 19th came in at 393,000, which compared to the economist estimate of 390,000.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- S&P Global US Manufacturing PMI (Apr P) 49.9 vs 52 Expected, Services 50.9 vs 52
- Inflation modest, but firms' profit margins hurt by struggles to pass on costs:Fed
- Retail Sales Advance (Mar MoM) 0.7% vs 0.4% Expected
Create E-mail Alert Related Categories
Economic Data, Market CheckRelated Entities
Standard & Poor's, Durable Goods Orders, Personal Income/SpendingSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
