Tuesday, November 24, 2009

FusionIQ Market Wrap for 11/24/09-Stocks retreat on lower volume

U.S. stocks on Tuesday finished modestly lower, with financials fronting the losses, after the Federal Reserve hiked its growth estimates for next year, offsetting a report that had the economy growing at less than initially estimated in the third quarter.  U.S. stocks on Tuesday finished modestly lower, with financials leading the losses, after the Federal Reserve hiked its growth estimates for next year, offsetting a report that had the economy growing at less than initially estimated in the third quarter.  Losses in equities were limited today as the Conference Board’s consumer confidence index unexpectedly rose to 49.5 in November, topping the median economist estimate. The S&P/Case- Shiller home-price index for 20 cities increased 0.27 percent in September from the prior month on a seasonally adjusted basis, after a 1.13 percent rise in August. The gauge fell 9.36 percent from September 2008, more than forecast, yet the smallest year- over-year decline since the end of 2007.  The Standard & Poor’s 500 Index lost less than a point to close at 1,105.65. The Dow fell 17 points, to 10,433.71. The Nasdaq was down 6.83 to 2,169.  About 6.9 billion shares changed hands on all U.S. exchanges, 24 percent fewer than the three- month average as trading slowed before the Thanksgiving holiday.

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