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Stocks continue to make extremely modest moves.First the scoreboard:
Dow: 13,534, +27.5, +0.2 per cent
S&P 500: 1,472, +1.6, +0.1 per cent
NASDAQ: 3,110, -6.7, -0.2 per cent
And now the top stories:
- Shares of Apple fell 3 per cent today. This was also the first time the stock closed below $500 in a while. The price move was also major drag on the stock market indices. Apple continues to be slammed on reports of supply order reductions. Nomura analysts Stuart Jeffrey and Woo Jin Ho reportedly slashed their price target on the stock to $530, which is obviously above today’s closing price of $485.
- Retail sales jumped 0.5 per cent in December, which was much better than the 0.2 per cent gain economists were looking for. Excluding autos and gas, sales jumped 0.6 per cent, which was also much stronger than expected.
- The latest reading of producer prices showed that inflation remains low and slow. Prices fell 0.2 per cent from November. Economists were looking for a decline of 0.1 per cent. Excluding food and energy prices, prices climbed by just 0.1 per cent, which was lower than the 0.2 per cent climb forecasted.
- On a year-over-year basis, producer prices were up 1.3 per cent. During the December meeting of the Federal Open Market Committee, the Fed said that it would use unemployment rate and inflation rate thresholds to help guide monetary policy. The inflation rate threshold was 2.5 per cent. This puts today’s low PPI numbers into some context.
- National home prices jumped 7.4 per cent year-over-year in November, reported CoreLogic. The was the biggest increase since May 2006. “We still have a long way to go to return to 2005-2006 levels, but all signals currently point to a progressive stabilisation of the housing market and the positive trend in home price appreciation to continue into 2013,” said Anand Nallathambi, CEO of CoreLogic.
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