Stocks struggle to hold gains
Tuesday, December 14, 2021 4:40 PM

Related Stories



In New York, stocks eased off earlier gains Tuesday afternoon, as investors found little reason to jump into the fray after the Fed kept rates steady and left its bond-buying plan alone.

The Dow Jones Industrials pointed upwards 47.98 points to close at 11,476.50

The S&P 500 moved up 1.13 points to 1,241.59. The Nasdaq Composite Index gained 2.81 points to 2,627.72.

About two-thirds of the 30 Dow issues advanced, with Kraft Foods, AT&T, Johnson & Johnson and Microsoft leading the way.

Stocks had rallied out of the gate Tuesday morning, following a better-than-expected retail sales report from the U.S. Commerce Department, and held onto gains for most of the afternoon.

Investors remain somewhat cautious as they wait for Congress to extend the Bush-era tax cuts. The compromise between President Obama and Republicans in Congress could face a final Senate vote Tuesday, after passing a key test Monday.

An extension of the Bush-era tax cuts would keep cash in the wallets of Americans. Since consumers are responsible for the lion's share of spending in the U.S., confident consumers willing to spend is key to an economic recovery.

Best Buy shares slid 16%, after the home electronics retailer lowered its fiscal year outlook and posted a 3.3% decline in quarterly same-store sales.

Shares of General Electric edged higher after the company released presentation slides ahead of its annual investors meeting that reiterated the company's upbeate outlook. GE said it "will deliver solid earnings growth in 2010, 2011 and beyond," as its performance continues to strengthen.

Economically speaking, the Federal Reserve did as expected and held interest rates near 0%, where they have been since the financial crisis took hold in 2008.

The central bank also maintained its rhetoric on the economy, saying that although it is recovering, the pace is not fast enough to combat the unemployment rate.

The Fed said it is moving ahead with its plan to pump $600 billion U.S. into the economy, known as quantitative easing or QE2, and did make any changes to the program.

Government reports on retail sales and inflation at the wholesale level came out before the market opened.

A report on retail sales was better than expected on strength in gasoline prices and clothing sales: U.S. retail sales rose 0.8% in November the Commerce Department said, better than the 0.5% that economists were expecting, according to consensus estimates from Briefing.com.

Excluding the automotive sector, sales popped 1.2%, more than the 0.6% increase economists had been expecting.

The producer price index for November increased 0.8% in November, more than the 0.5% gain that was expected. Core PPI -- which excludes food and energy prices -- rose 0.3%, a larger increase than the 0.2% expected.

After the market opens, another report is expected to show business inventories grew 1.1% in October.

The price on the benchmark 10-year U.S. Treasury dropped sharply, raising the yield to 3.45% from Monday's 3.28%. Treasury prices and yields move in opposite directions.

Oil settled back 51 cents a barrel to $88.12 U.S.

Gold futures for February delivery rose $1.30 to $1,399.30 U.S. an ounce.

(Source: )
(Source: Quotemedia)
 

Sponsors

Symbol :

Advertisement

Market news:

  • Obama pushes for nuke treaty ratification Dec 18, 2021 06:35 AM

    • WASHINGTON - President Barack Obama is warning that failure to ratify a new arms control treaty with Russia will undercut American leadership on scores of challenges it faces worldwide.
    • Obama used his weekly radio and Internet address Saturday to plead with the Senate to approve the treaty, a dearly held foreign policy priority in the waning days of Congress' lame-duck session.
    • Obama said without action on the pact, known as New START, "we'll risk undermining American leadership not only on nuclear proliferation, but a host of other challenges around the world."
      • US lawmakers may vote on Armenian genocide measure Dec 18, 2021 06:06 AM

        • WASHINGTON - The House may vote next week on a measure that could damage U.S. relations with critical ally Turkey: a resolution declaring the World War I-era killings of Armenians a genocide.
        • House Democratic leaders had long set aside consideration of the draft resolution, and the measure was expected to expire as a new Republican-led House takes office next month.
        • House aides, speaking on condition of anonymity because they were not authorized to comment, said Friday that Democratic leaders have been discussing a possible vote with lawmakers.
          • Senate nears repeal of military's curbs on gays Dec 18, 2021 06:06 AM

            • WASHINGTON - Congress is close to ending the ban on gays serving openly in the military, with the Senate ready for a landmark vote that could deliver a major victory to the gay community, liberals and President Barack Obama.
            • Senators planned a procedural vote Saturday on a bill ending the Pentagon's "don't ask, don't tell" policy as lawmakers held an unusual weekend session in their race to finish the year's legislative business.
            • If at least 60 senators vote to advance the bill as expected, the repeal, which passed the House this week, could win final passage by late afternoon.
              • Paris Vogue editor to leave after 10-year tenure Dec 18, 2021 06:06 AM

                • PARIS - Paris Vogue says its editor-in-chief, Carine Roitfeld, has decided to leave after a 10-year tenure in which the French fashion monthly became "a worldwide reference and indispensable magazine."
                • The magazine says on its Web site that Roitfeld's years as the top editor were marked by "constant growth" both in terms of circulation and advertising.
                • Xavier Romatet, the head of Conde Nast France, the French arm of the U.S. publishing house, said he "of course" regrets Roitfeld's decision to leave "even if I understand it."
                  • Mexico outraged by killing of anti-crime crusader Dec 18, 2021 06:06 AM

                    • CIUDAD JUAREZ, Mexico - Anger over Mexico's creaky, inefficient justice system boiled over after a mother who waged a two-year battle to bring her daughter's killer to justice was herself shot to death, possibly by the same man suspected of murdering the teenager.
                    • Escobedo was taken by ambulance to a hospital, where she died within minutes.
                    • On Friday, a group of demonstrators gathered outside the Interior Department in Mexico City to protest the killing, briefly scuffling with police while chanting "Not one more death!"

                      More news


Advertisement

    Recent Estimates

AnalystFirm NameSymbolEPS Estimate
jomariXXXXX CVG$0.31
XXXXXXXXXX RIMM$1.64
XXXXXXXXXX CRM$0.19
GEOXXXXX PAY$0.30
mrbilltraderXXXXX POT$1.59
XXXXXXXXXX OVTI$0.43
sam farahanXXXXX TECD$0.95
XXXXXXXXXX GSS$0.05
XXXXXXXXXX ABB$0.31
adfgafg ERTS$0.48