The Month in Review
Eye on the Month Ahead
Washington will once again be a focus of investor attention. A report from the congressional budget conference committee established as part of the agreement ending October's government shutdown is due mid-month, and the Federal Reserve's monetary policy committee gets its last chance this year to reduce its bond purchases. Both of those factors could add to any volatility from year-end profit-taking and general portfolio tidying by institutional investors.
Key dates and data releases: U.S. manufacturing, construction spending (12/2); auto sales (12/3); new home sales, balance of trade, Fed "beige book" report, U.S. services sector (12/4); revised Q3 GDP estimate, factory orders (12/5); unemployment/payrolls, personal income/outlays (12/6); retail sales (12/12); wholesale inflation, due date for congressional budget committee report (12/13); U.S. industrial production, business productivity/costs, international capital flows, Empire State manufacturing survey (12/16); consumer inflation (12/17); Federal Open Market Committee announcement, housing starts (12/18); home resales, Philly Fed manufacturing survey (12/19); quadruple witching options expiration, final Q3 GDP estimate (12/20); personal income/outlays (12/23); durable goods orders, new home sales (12/24); home prices (12/31).
Data sources: All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. News items are based on reports from multiple commonly available international news sources (i.e., wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. Market data: U.S. Treasury (Treasury yields); WSJ Market Data Center (equities); Federal Reserve Board (Fed Funds target rate); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI Cushing, OK); www.goldprice.org (spot gold, NY close); Oanda/FX Street (currency exchange rates). All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Past performance is no guarantee of future results. Equities data reflects price changes, not total return.
The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange. The Russell 2000 is a market-cap weighted index composed of 2000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. The U.S. Dollar Index is a geometrically weighted index of the value of the U.S. dollar relative to six foreign currencies. Market indexes listed are unmanaged and are not available for direct investment.
*Based on data from the "Stock Trader's Almanac 2013."