Morning Market Report

Nov 30, 2012

The market is up 29. SFE Futures were up 23 this morning.

Dow Jones was up 37. The Dow was up 77 at best and down 23 at worst in another volatile session. The Dow closed above 13,000 for the first time in three weeks with further talks surrounding the US “fiscal cliff”. Republican House Speaker John Boehner warned that President Obama had to “get serious” about the fiscal negotiations and that there had been no substantial progress in the discussions in the past few weeks. US Initial Jobless Claims were 393,000 which was slightly worse than the forecast of 390,000 but better than the previous reading of 416,000. Continuing Jobless Claims were 328,700 which beat the forecast of 332,300. Gold, Oil up and US bond yields down. Best US sectors — Telecoms (+0.9%), Health Care (+0.6%) and Basic Materials (+0.6%). The US 2 year bond yield down 1bpt to 0.258% and the US 10 year yield down 2bpts to 1.62%.  Spanish 10 year bond yield up 1.1bpts to 5.33%. Greek 10 year bond yield down 7.8bots to 16.31%. Italian 10 year bond yield down 3.1bpts to 4.56%. European markets mixed — UK FTSE up 1.15%, German DAX up 0.78%, France up 1.53%, Spain up 1.74%, Italy up 2.81% and Greece down 0.80%. The Stoxx Europe 600 index up 1.2% Telecoms (+1.8%), Financials (+1.8%), Basic Materials (+1.7%) and Utilities (+1.6%) sectors.

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