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Global Market Wrap-Up - November 21, 2012

Wednesday, November 21, 2012
Mark Hanna
U.S. stocks made small gains Wednesday on extremely light volume ahead of the Thanksgiving holiday.  The S&P 500 added 0.2% and the NASDAQ 0.3%.  Overnight European finance minister failed to agree on a debt reduction package for Greece and hence did not release a new tranche of bailout funds for the country but investors shook that news off.   Another meeting is scheduled for Monday.
  • U.S., new jobless claims totaled 410,000 last week, but that number continued to be impacted by Sandy.
  • Consumer sentiment rose to 82.7, according to the Reuters/University of Michigan consumer sentiment survey.The reading was below projections for 84.5.
  • The Conference Board reported it’s likely the U.S. economy will continue to “modestly” expand through early 2013, with the board’s index of leading economic indicators rising 0.2% in October.
Oil rose 63 cents to $87.38 a barrel while  gold gained $4.60 to $1,728.20 an ounce.  Silver added $0.42 to $33.35.

Britain's FTSE 100 and the DAX in Germany added 0.1% and France's CAC 40 rose 0.4%.
  • Reuters reported German Chancellor Angela Merkel had told lawmakers at a closed door meeting that lower interest rates and an expanded European Financial Stability Fund (EFSF) could fill Greece's financing gap.
The Shanghai Composite gained 1.1% while Japan's Nikkei posted a 0.9% gain.