Obama’s Back: DJIA Market Close For Friday, December 28, 2012

Late Friday, Obama offered hope for a last-minute agreement to avoid the fiscal cliff after a meeting with congressional leaders. From Obama we got “The hour for immediate action is here” and “I’m modestly optimistic that an agreement can be achieved.”

The U.S. House of Representatives is set to convene on Sunday and continue working through the New Year’s Day holiday. Obama has proposed maintaining current tax rates for all but the highest earners.

The Dow closed down -158.20 (-1.21%) at 12,938.11.

For the week, DJIA was down -1.9%, Nasdaq -2.0%, S&P 500 -1.9% and Russell 2000 -1.9%.

Year-to-date DJIA is up +5.9%, Nasdaq +13.9%, S&P 500 +11.5% and Russell 2000 +12.3%.

All 30 Dow stocks were down on Friday, led by HPQ (-2.56%, XOM, CVX, UTX, ,SFT, BA, IBM, AA and MRK (-1.33%).

Shares of Hewlett-Packard (HPQ) fell after the company announced that the Department of Justice is investigating possible accounting fraud at Autonomy. HP acquired Autonomy for $11 billion last year and took an $8.8 billion write-down related to the acquisition this year.

MMM reports earnings on 1/24/13 before the market open.

AA report earings on 1/8/13 after the market close.

AXP reports earnings on 1/17/13 after the market close (NC).

T reports earnings on 1/24/13 after the market close.

BAC reports earnings on 1/17/13 before the market open.

BA reports earnings on 1/23/13 before the market open (NC).

CVX reports earnings on 1/25/13 before the market open (NC).

DD reports earnings on 1/22/13 before the market open.

GE reports earnings on 1/18/13 before the market open.

IBM reports earnings on 1/22/13 after the market open (NC).

JNJ reports earnings on 1/22/13 before the market open (NC).

JPM reports earnings on 1/16/13 before the market open.

UNH reports earnings on 1/17/13 before the market open.

MCD reports earnings on 1/23/13 before the market open.

MSFT reports earnings on 1/24/13 after the market close.

TRV reports earnings on 1/22/13 before the market open.

UTX reports earnings on 1/23/13 before the market open (NC).

VZ reports earnings on 1/22/13 before the market open.

INTC reports earnings on 1/17/13 after the market close.

PG reports earnings on 1/25/13 before the market open.

NOTE: (NC) means “Not Confirmed and Subject to Change”.

Gains are quickly dwindling away with only one more trading day in 2012.

Some how, I am personally 100% long with 60% Emerging market and 40% Small Cap. Thankfully, so far, Emerging markets are doing better.

So, what I’m saying is we need some sort of deal on Sunday.

The U.S. dollar was up against the euro, but dropped against the British pound and Japanese yen.

The yield on the 10-year Treasury note was unchanged at 1.70%.

Oil and gold prices were lower.

You can leave a response, or trackback from your own site.

Leave a Reply

You must be logged in to post a comment.