The markets went for a wild ride on Thursday, falling more than 1 percent across the board before recovering and closing down fractionally. Washington has less than a week to find a solution to the fiscal cliff.
At the close: DJIA: -0.14%, S&P 500: -0.12%, Nasdaq: -0.14%.
On the commodities front, Oil (NYSE:USO) climbed 0.20 percent to $91.16 per barrel. Precious metals were also up, with Gold (NYSE:GLD) climbing 0.26 percent to $1,665.10 per ounce, and Silver (NYSE:SLV) climbing 0.62 percent to $30.23 per ounce about 1 minute after the bell.
Ford Motor Co. (NYSE:F) announced that it will invest over $700 million across six facilities in southwest Michigan as part of a nation-wide $6.2 billion investment program, which aims to create 12,000 hourly position in the United States… (Read more.)
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As the beleaguered economic recovery and stiff competition from Internet retailers continue to bring down sales and weigh down balance sheets for brick-and-mortar retailers, 2013 is shaping up to be a year of critical importance for J.C. Penney (NYSE:JCP), Sears (NASDAQ:SHLD), Best Buy (NYSE:BBY), and RadioShack (NYSE:RSH). According to the Wall Street Journal, it will be “do or die” for these retailers over the next 12 months… (Read more.)
New Home Sales On the Rise: The sale of new homes has increased to the highest amount in more than 2 and 1/2 years. For November, the annual sales pace of new homes was up 4.4 percent to an estimated 377,000 homes. This was up from the rate of 361,000 in October and is predicted to reach 380,000 for the rest of the year.
Fiscal Cliff Whacks Consumer Confidence: The Conference Board, a private research group, announced on Thursday that its index of consumer confidence declined to 65.1 in December, compared to a revised 71.5 in the previous month, which was first reported as 73.7. The December index reading is the biggest drop in confidence since August 2011, when Congress was in gridlock over raising the debt ceiling… (Read more.)
The Dogs of the Dow Fall Behind: There are countless strategies to employ when investing in stocks. One of the easiest and most well-known strategies is called the Dogs of the Dow. The strategy requires investors to buy an equal amount of the ten highest yielding stocks found in the Dow Jones Industrial Average at the beginning of the year. The ten stocks are then replaced at the beginning of the next year with the new highest yielding stocks in the Dow… (Read more.)
Don’t Miss: The Dogs of the Dow Fall Behind.