| Market Summary |
Friday's closing bell brought some much-needed rest to Wall Street, which struggled all week amongst a series of poor economic reports. The Dow Jones rallied over 100 points at the end of the day, but still lost 27.80. It closed roughly 70 points lower than Monday's opening. Nasdaq faired considerably worse, having shed off 40 points (1.6%) this week. The Institute of Supply Management indicated that its index on manufacturing fell from 51.2 to 49.5, a sign that the sector was contracting. Economists had predicted a small upturn to 51.5, but with the economy weaker than expected some investors theorize that the Federal Reserve might cut interest rates to turn things around. An ISM figure below 50 has preceded every recession since the 1960s. Manufacturing stocks such as Caterpillar (CAT: Charts, News, Offers), US Steel (X: Charts, News, Offers) and 3M (MMM: Charts, News, Offers) all declined. Shares of GM (GM: Charts, News, Offers) jumped 1.57% after Kirk Kerkorian sold his remaining shares of the company. He had owned nearly a 10% stake in the company earlier in the year. Shares of Home Depot (HD: Charts, News, Offers) also jumped due to a possible buyout by private equity companies.
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| Market News |
For the first time in almost four years, the nation's manufacturing sector has shrunk, and its fall is firing warning flares for the job market, economists said on Friday.
In a widely watched report, The Institute for Supply Management, a trade group based in Tempe, Ariz., said its manufacturing index came in at 49.5 in November, behind October's reading of 51.2. A reading below 50 indicates the sector is contracting. (Source: Yahoo! Finance) Full Story
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Shares of home improvement retailer Home Depot (HD: Charts, News, Offers) jumped Friday on an unconfirmed report the company could be a takeover target for two powerful private equity firms.
A purchase led by the buyout firms Kohlberg Kravis Roberts & Co. and Texas Pacific Group would be priced at around $100 billion, according to a report in Friday's New York Post. (Source: CNN Money) Full Story
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Toyota Motor Corp. (TM: Charts, News, Offers) sold more vehicles in the U.S. last month than Ford Motor Co. (F: Charts, News, Offers), marking the second time ever that the No. 2 domestic automaker was beaten out by its Japanese rival. (Source: Forbes) Full Story
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| Market Analysis |
Stocks are getting along pretty well these days with some help from their competition.
You could almost call it a benign conspiracy. All the other main asset classes and money-management vehicles that vie with stocks for investors' favor have developed problems that make stocks look good by comparison.
(Source: Bloomberg) Full Story
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Few countries can match Iran in its ability to generate angst among Westerners. It appears determined to become a nuclear power. Tehran's Islamic leaders aid radical groups across the Middle East. And as the U.S. gets bogged down in Iraq, Iran's influence in the region is on the rise, fueled in large part by its vast energy wealth.
(Source: BusinessWeek) Full Story
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Hank Paulson believes what's good for Goldman Sachs (GS: Charts, News, Offers) is good for America.
That was fine, of course, when Paulson was CEO of the nation's premier investment firm. But now he's the Treasury secretary, entrusted with the well-being of constituencies far beyond Wall Street.
(Source: TheStreet.com) Full Story
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| Market Overview |
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| DJIA |
12,194.13 |
-27.80 |
| S&P |
1,396.71 |
-3.92 |
| NASDAQ |
2,413.21 |
-18.56 |
| 10Yr |
4.425% |
-0.033 |
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| On This Date |
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| Wall Street likes to characterize the proliferation of frenzied financial games as a sophisticated, prosocial activity, facilitating the fine-tuning of a complex economy. But the truth is otherwise. - Anonymous |
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| Notable Quotable |
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| In the course of evolution and a higher civilization we might be able to get along comfortably without Congress, but without Wall Street, never. - Henry Clews, 1900 |
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| Previous Newsletters |
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| November 30, 2006 |
| November 29, 2006 |
| November 28, 2006 |
| November 27, 2006 |
| November 22, 2006 |
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