Stock Market News for December 14, 2009 - Market News
Strong showing on the retail sales front and better-than-estimated consumer confidence data lifted hopes the economic recovery is strengthening, but gains were limited as the greenback strengthened against a basket of currencies and technology shares came under pressure.
Consumer-related stocks like Coca-Cola (NYSE:KO), McDonald’s (NYSE:MCD) and Walt Disney (NYSE:DIS) led the gainers on the Dow Jones industrial average. The big winners also included industrial companies like Alco (NYSE:AA) and United Technologies (NYSE:UTX).
World stocks were mostly up Monday after oil-rich Abu Dhabi said it will inject a $10 billion lifeline to save Dubai World from defaulting on its debt commitments. The news sent Dubai’s main stock market soaring more than 10% and helped ease worries about the emirate’s finances – for now.
Also, Greece's Prime Minister Papandreou reportedly is expected to announce plans to trim the nation's bulging deficit later today. Meanwhile, Moody's (NYSE:MCO) said its top credit ratings for Great Britain and the US are expected to be in place, although a worst-case scenario could bring a cut by 2013.
On Friday, the Dow Jones industrial average rose 66 points, or 0.6%, to 10,471.50. The S&P 500 index advanced 4 points, or 0.4%, to 1,106.41. The tech-heavy Nasdaq composite ended the day virtually unchanged. On the New York Stock Exchange, advancing shares beat those that declined two to one on volume of 1.02 billion shares. On the week, the Dow average rose 0.8% for the week while the broad S&P 500 index rose for a third straight week, adding less than 0.1%. However, the tech-laden Nasdaq slipped 0.2% for the week.
The greenback rose 0.9% during the week even as equity prices edged higher. Gold prices fell $6.30 to $1,119.80 an ounce.
While the myriad of economic releases this week do carry weight, remarks from the Fed may prove the most significant. Most expect interest rates will be kept unchanged, with language suggesting an "extended period" of low rates likely, even as signs point to a healing economy.
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