Dow Change: Market Happenings For Friday, September 14, 2012

This morning the Dow is up +0.35%, led by BAC (+3.30%), CAT (+2.49%) and AA (+2.39%).

The Market

UnitedHealth Group will join the Dow Jones industrial average, replacing Kraft Foods, starting on Sept. 24. The index change came as Kraft plans to spin off its North American grocery business, which will be renamed to Mondelez International on Oct. 1.

The Dow Jones Averages Index Committee said in a statement that it believes Kraft’s plan will “reduce market capitalization” and revenue, making the company “less representative of the U.S. large cap market space.”

The central bank announced a third round quantitative easing, or QE3, saying it would buy $40 billion of mortgage-backed bonds each month for however long it deems necessary.

European stocks are up and Asian stocks ended higher.

Retail sales came in higher than expected, rising 0.9%, the Census Bureau said.

August inflation was in line with what analysts had anticipated, with CPI increasing by 0,6%, according to the Bureau of Labor Statistics.

Earnings Reports

Earnings reports: Nothing of interest.

Financial Calendar

0830 ET Aug CPI expected +0.6% m/m and +1.7% y/y, July unchanged m/m and +1.4% y/y. Aug CPI ex food & energy expected +0.2% m/m and +2.0% y/y, July +0.1% m/m and +2.1% y/y.

0830 ET Aug retail sales expected +0.8% and +0.7% less autos, July +0.8% and +0.8% less autos.

0830 ET NOPA Aug soybean crush report.

0915 ET Aug industrial production expected unchanged m/m, July +0.6%. Aug capacity utilization expected -0.1 to 79.2%, July +0.4 to 79.3%. Aug manufacturing production, July +0.5% m/m.

0955 ET Preliminary Sep U.S. consumer confidence (University of Michigan) expected -0.3 to 74.0, Aug +2.0 to 74.3.

1000 ET July business inventories expected +0.3%, Jun +0.1%.

UPDATE: September Consumer Sentiment At 79.2!

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