Market Commentary – Tue, Jan 03
Market Commentary – Tue, Jan 03 – 10:34 AM ET
The Bond markets are starting the New Year lower today after strong economic data from China and Germany and is helping to lift the Stock markets this morning. The S&P 500 Stock Index, the most closely watched indice in the U.S., was unchanged in 2011.
The week’s economic calendar is light this week with just the ISM Index today along with the minutes from the the December 13 Federal Open Market Committee meeting. However, Friday will feature the December Employment Report where it is expected that employers added 150 new workers. In order for the economy in 2012 to pick up steam the job market will have to continue to gain steam.
The housing markets start 2012 with some obstacles given the high foreclosure rate and 22% of homeowners underwater. Home prices have fallen 33% since the peak but they did double from 2000 to 2006.
Manufacturing in the U.S. jumped to its highest level since June of 2011 as reported by the Institute of Supply Management (ISM). The ISM Index rose to 53.9 in December from the November read of 52.7. and above the 53.0 anticipated. Readings above 50 indicates expansion.
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