The Closing Look

Stocks were quiet on Thursday as the Dow continued to trade just below 20,000. Economic data was mixed. Initial jobless claims rose to 275,000 last week,  missing estimates for 256,000. Separately, durable goods for November slid by -4.6%, which estimates for -4%. On the positive side, the final read for Q3 GDP was +3.5%, beating the Street’s estimate for +3.2%. Earnings data was light but Micron (MU) gapped up while Red Hat (RHT) gapped down after releasing earnings.  The major indices were very quiet today as they pause to digest the recent and strong post election rally.

Gary’s Thoughts: Just letting you know some deterioration going on.  More over the weekend. Happy holidays.