Stocks started in the green but are now red with the Dow down -11.53 points. Gainers this morning include JCI (+2.57%), RHT, CCL, COG and RF while losers include STX (-4.46%), FFIV, AKAM, GT and ROST.
With this rally, investors seem to be saying “We Believe” that the fiscal cliff will be resolved.
The Census Bureau said housing starts fell 3% in November to an annual rate of 861,000.
The Treasury Department announced it will exit all of its investment in General Motors (GM) within the next 12-15 months as part of its efforts to wind down its investments in the Troubled Asset Relief Program (TARP). Shares of GM are up 7.19% today.
Europe is up, Asia closed mostly higher and oil is higher too. Nat gas, gold, silver and copper are all lower.
The national average price of gasoline is down one cent to $3.226 per gallon.
Earnings reports (estimates): ACN-Accenture ($1.04), FDX-FedEx (1.41), GIS-General Mills (0.79), BBBY-Bed Bath & Beyond (1.02), PAYX-Paychex (0.41), JBL-Jabil Circuit (0.56), ATU-Actuant (0.50), NAV-Navistar (-1.08), Steelcase (0.23), MLHR-Herman Miller (0.39).
0700 ET Weekly MBA mortgage applications, previous +6.2% with purchase sub-index +0.7% and refi sub-index +8.0%.
0830 ET Nov housing starts expected -2.6% to 871,000, Oct +3.6% m/m to 394,000. Nov building permits expected +0.8% to 875,000, Oct -2.7% to 868,000.
1030 ET DOE Weekly Petroleum Status Report.
1300 ET Treasury auction of $29 bln in 7-year T-notes.