Stocks climbed today, the Philly Fed index fell, and the U.S. Treasury announced plans to exit its stake in GM.
But first, the scoreboard:
- S&P 500: 1,795.85 (+14.48, 0.81%)
- Dow: 16,009.99 (+109.17, 0.69%)
- Nasdaq: 3,969.15 (+47.88, 1.22%)
And now the top stories:
- The U.S. Treasury Department said today it plans to exit is remaining 31.1 million-share stake in General Motors by the end of the year, subject to market conditions. “If average daily trading volumes continue at recent levels, Treasury anticipates that it will complete the sale of its remaining shares by the end of the year,” said the Treasury in a statement.
- Greenlight Capital hedge fund manager David Einhorn revealed a new long position in Micron Technology at today’s inaugural Robin Hood Investors Conference. The stock is up 6% today on the back of his comments.
- The Philly Fed survey for November fell to a reading of 6.5. Analysts expected the reading to decline to just 15.0, from 19.8.
- Initial claims fell to 323,000 in the week ended November 16 from an upward-revised 344,000 the week before. Economists were expecting a smaller drop to 335,000.
- Markit’s flash U.S. manufacturing index, PMI, surged to 54.3 (versus the consensus estimate of 52.3) from 51.8 from October. The reading is the highest since March. Output climbed to the highest reading in nine months. But hiring slowed.
- Gluskin Sheff’s David Rosenberg says we could see a big holiday shopping spree this season. Retail sales data “could bode very well for spending growth into the holiday season. If people are willing to eat out, the most discretionary of discretionary activity, then they certainly are not going to chintz on their holiday shopping,” he wrote to clients.
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