Indexes Close Down
It was a ‘turkey’ of a week for all stock investors during the Thanksgiving holiday season, as indexes close down over the never-ending European-debt crisis, along with the congressional super-committee’s failure to reach an agreement on reducing the federal deficit. Stocks had their worst Thanksgiving week since 1942, the year the U.S. officially set the holiday at its current date. Investors have had to deal with an almost daily dose of bad news out of Europe, which is in the throes of a financial crisis that many prognosticators fear could spark a global contagion along the likes of the 2008 collapse of Lehman Brothers. About the only good thing that would be said for this past week, was the markets were closed on Thursday, and had an abbreviated session on Friday.
As far as economic news goes this week, the developments surrounding the European debt crisis will dominate the week, with President Barack Obama discussing these vents at a Washington summit. Other data points will include the consumer confidence index which comes out on Tuesday, and hopeful will show some improvement from the low reading in October. Also on Tuesday is the Case-Shiller home-price index which unfortunately will probably be a disappointing number. Thursday brings us the November chain-store sales figures will be released and we close out the week on Friday with nonfarm payrolls. Here it’s hopeful that we’ll see a rise from the 115,000 figure in November. The jobless rate is seen as holding steady at 9.0%.
Hopefully all of you had a very enjoyable Thanksgiving holiday, and until next week, take care!!
Sources:Barron’s, Wall Street Journal, Associated Press, Econoday, Bloomberg, Dow Jones & Company, Briefing.com
Audrea attended the University of Alabama in Tuscaloosa, where she majored in one of the first approved financial planning programs taught at the University level. In 1998 Audrea graduated from The University of Alabama in Tuscaloosa with a Bachelor of Science degree in Family Consumer Sciences & Financial Planning. Audrea has over 19 years of experience as a Financial Advisor with Money Management Services. She holds the designations of AIF® (Accredited Investment Fiduciary), CRPS (Chartered Retirement Plan Specialist) & CES™ (Certified Estate and Trust Specialist). As an advisor, Audrea specialized in comprehensive financial planning, estate tax planning, personal taxation planning, retirement income distribution planning, wealth accumulation, personalized portfolio management, and fiduciary investment management services.