Nov 19, 2012
The market is up 11. SFE Futures were up 12 this morning.
Dow Jones up 46. The Dow was up 62 at best and down 71 at worst. US industrial production came in at -0.4% for September after +0.2% in October although the Federal Reserve said that hurricane Sandy reduced the number by around 1%. US markets were sold off early in the session but gained ground as Congressional leaders held a press conference on the progress of fiscal cliff negotiations. During the public statement, Senator Harry Reid said that officials would not wait until the last day of December, and could agree on the framework for a deal prior to the deadline. Congressional leaders and President Obama will meet again the week after Thanksgiving (22 November). The US twoyear bond yield was down 1bpt to 0.24% and the US 10 year yield was down 1bpt to 1.58%. Over the week the US 2 year yield fell was down 2.5bpts and US 10 year yields were down 3bpts. Best sectors — utilities (+1.2%), consumer goods (+0.8%), health care (+0.7%) and financials (+0.7%). Worst sectors — telecoms (-0.6%). Metals down — copper down 0.47%, nickel down 1.31%, Aluminium down 0.95% and Lead down 1.29%. Over the week metal prices were generally higher, with zinc up 1.6% and lead down 0.8% and nickel was flat.