| Market Summary |
Investors couldn't seem to end the year on a high note, despite early morning gains fueled by Apple (AAPL: Charts, News, Offers). The last day of trading in 2006 came to a close with all three indexes slightly lower on the day, but well up on the year. The Dow Jones gained nearly 17% in 2006, Nasdaq gained 10% and the S&P 500 over 14%. The big numbers were more bullish than many had expected, especially with a slumping housing market, higher oil prices and the interest rate hikes by the Federal Reserve. Shares of Goodyear (GT: Charts, News, Offers) jumped nearly 5% after union workers agreed to end a three-month old strike and sign off on a contract expected to save the company $610m. General Motors (GM: Charts, News, Offers) also saw some slight gains on the day, but more importantly closed the year as the Dow's biggest gainer in 2006 with a surprise 57.7% performance. Stock markets will be closed Tuesday, January 2nd in honor of former President Gerald Ford.
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| Market News |
From Tokyo to Shanghai to Bombay, Asian stock markets have surged to record highs as investors race to cash in on China's boom and stocks elsewhere are boosted by stronger corporate profits and lower barriers to capital movement. (Source: Yahoo! Finance) Full Story
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They say it ain't over until the fat lady sings. But with just hours left on the last trading day of the year, it seems safe to say that she is going through her vocal exercises, sipping some hot tea with lemon and honey and getting ready to serenade Legg Mason Value Trust manager Bill Miller. (Source: CNN Money) Full Story
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Oil futures jumped past $61 Friday on the last trading day of the year as the markets focused on plunging supplies and the apparently imminent execution of former Iraqi President Saddam Hussein. (Source: The Street) Full Story
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| Market Analysis |
By all accounts, the world's investors are uncommonly optimistic heading into 2007.
Reports and surveys of every description say the economy will keep growing, inflation and interest rates are in good shape -- and stock prices are a sure bet to rise in the U.S. and elsewhere for a fifth consecutive year. (Source: Bloomberg) Full Story
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Congress just okayed a convoluted tax break for stock option losers. But the real benefit may go to stock option winners. Just before it wheezed to a close in December, Congress tinkered yet again with the tax code. This time lawmakers tried to help folks whose financial lives were shattered by the lethal interaction of the 2000 tech-stock crash, incentive stock options and the alternative minimum tax. (Source: Forbes) Full Story
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By focusing on litigation reform at the state level, business has won key battles. Suddenly, it's a tough time to be a plantiffs' attorney. (Source: BusinessWeek) Full Story
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| Market Overview |
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| DJIA |
12,463.15 |
-38.37 |
| S&P |
1,418.30 |
-6.43 |
| NASDAQ |
2,415.29 |
-10.28 |
| 10Yr |
4.71% |
+0.02 |
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| On This Date |
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| December 29, 1921: Sears Roebuck President Julius Rosenwald, pledges $20 million of his personal fortune to help Sears through hard times. |
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| Notable Quotable |
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| The engine which drives Enterprise is not Thrift, but Profit. - John Maynard Keynes |
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| Previous Newsletters |
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| December 28, 2006 |
| December 27, 2006 |
| December 26, 2006 |
| December 22, 2006 |
| December 21, 2006 |
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