Hello traders everywhere! Jeremy Lutz here with your mid-day market update for Friday, the 21st of December.
The markets have made a sharp move lower today. The pullback reflects renewed concerns that the U.S. could be pushed over the looming fiscal cliff. While optimism about a potential budget agreement helped to drive stocks higher earlier in the week, traders are expressing renewed concerns about the fiscal cliff following the latest developments in Washington.
The Commerce Department said durable goods orders increased by 0.7 percent in November following a 1.1 percent increase in October. Economists had expected orders to increase by 0.5 percent, matching the increase that had been reported for the previous month.
Excluding a 1.1 percent drop in orders for transportation equipment, durable goods orders surged up by 1.6 percent in November compared to a 1.9 percent jump in October.
The Commerce Department also released a separate report showing a much bigger than expected increase in personal income in November.
Let's see what the Trade Triangles say about the markets today.
Every Success,
Jeremy Lutz
