Portfolio Crafter
12-07-2007, 03:53 PM
End of Day Market Summary - Thursday, December 6, 2007
by Portfolio Crafter (http://www.wealthpire.com/cmd.php?Clk=1838416)
It was a day of gains for the market. The Dow gained 174.93 points to close at 13,619.89. Also, the Nasdaq showed gains by closing at 2709.03 after increasing 42.67 points. The S&P closed at 1,507.34 after gaining 22.33 points. Today's gains were influenced by optimistic investors that welcomed plans from the White House to help with crisis in the housing market. Due to negative retail news and reports that showed pace of forecloses during third quarter, stocks did not surge high enough.
The Bush administration proposal to help homeowners in crisis offers a five-year freeze on interest rates for borrowers who are not late in their payments. This plan from the White House will help about 1.2 million homeowners in crisis. Nevertheless, freeze on interest rates is limited, since it does not help individuals with payments late more than 60 days.
There is anticipation from investors that Friday's monthly jobs reports will be positive. Employers are expected to have added about 70,000 jobs to their payrolls last month after adding 166,000 jobs in October. Yesterday's private sector employment report suggested stronger-than-expected growth.
At the retail level, many stores reported strong performance, but specialty clothing chains struggled. Wal-Mart reported that November sales were at the high end of its guidance. Wal-Mart rose 1.5 percent and it was helped by "Black Friday sales", in addition to increased sales in its grocery and pharmacy business.
On the other hand, Target (Wal-Mart's rival) posted a 10.08 percent same-store sales increase in the month on November. Analysts expect that shares from Target will earn $1.37 per share for the fourth quarter on sales of $20.7 billion. It is also anticipated that profits will be $3.54 per share on revenue of $64.1 billion.
Finally, the Bank of England decided to cut interest rates by a quarter-percentage point to 5.50 percent. This cut in rates will probably encourage investors in the U.S about next week's Fed meeting.
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by Portfolio Crafter (http://www.wealthpire.com/cmd.php?Clk=1838416)
It was a day of gains for the market. The Dow gained 174.93 points to close at 13,619.89. Also, the Nasdaq showed gains by closing at 2709.03 after increasing 42.67 points. The S&P closed at 1,507.34 after gaining 22.33 points. Today's gains were influenced by optimistic investors that welcomed plans from the White House to help with crisis in the housing market. Due to negative retail news and reports that showed pace of forecloses during third quarter, stocks did not surge high enough.
The Bush administration proposal to help homeowners in crisis offers a five-year freeze on interest rates for borrowers who are not late in their payments. This plan from the White House will help about 1.2 million homeowners in crisis. Nevertheless, freeze on interest rates is limited, since it does not help individuals with payments late more than 60 days.
There is anticipation from investors that Friday's monthly jobs reports will be positive. Employers are expected to have added about 70,000 jobs to their payrolls last month after adding 166,000 jobs in October. Yesterday's private sector employment report suggested stronger-than-expected growth.
At the retail level, many stores reported strong performance, but specialty clothing chains struggled. Wal-Mart reported that November sales were at the high end of its guidance. Wal-Mart rose 1.5 percent and it was helped by "Black Friday sales", in addition to increased sales in its grocery and pharmacy business.
On the other hand, Target (Wal-Mart's rival) posted a 10.08 percent same-store sales increase in the month on November. Analysts expect that shares from Target will earn $1.37 per share for the fourth quarter on sales of $20.7 billion. It is also anticipated that profits will be $3.54 per share on revenue of $64.1 billion.
Finally, the Bank of England decided to cut interest rates by a quarter-percentage point to 5.50 percent. This cut in rates will probably encourage investors in the U.S about next week's Fed meeting.
Join PortfolioCrafter.com (http://www.wealthpire.com/cmd.php?Clk=1838416)
Join FirstHourTrading.com (http://www.wealthpire.com/cmd.php?Clk=1841176)