Market Mover Wednesday: Weekly jobless claims, personal income/spending and durable goods…
Update: Weekly claims dropped to 466,000, continued claims 5.423 million
Oct personal income up 0.2%, personal spending up 0.7%
Durable Goods down 0.6%
Gold just hit another record $1181 an oz
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Another heavy day for data with light volume expected…
CNBC:…Weekly jobless claims are expected at 8:30 a.m., along with October durable goods, personal income, and consumer spending. Consumer sentiment is released at 9:55 a.m. and new home sales are released at 10 a.m. Jobless claims could be below 500,000 for the first time in months.
Stocks finished slightly lower Tuesday, after shaking off a triple digit Dow loss. The Dow was down 17 at 10,433, and the S&P 500 was down less than a point at 1106. The worst performers were the financials…
Update: El-Erian on the imminent market pullback: Market Mover Friday: Consumer Sentiment plunges, CPI flat…
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CNBC: “The stock market has gotten ahead of reality, Pimco’s Mohamed El-Erian told CNBC Friday.
In a continuation of recent comments, El-Erian, co-chief executive officer of the largest bond fund manager in the world, said the US has yet to see a durable and sustainable recovery.
“Stock investors are making overly optimistic assumptions,” El-Erian said. “The key stimulus has already come into the consumer and has helped in the last few months. But for the third and fourth quarters looking ahead, I am not so sure things will be as good.”
Just three weeks ago, El-Erian told CNBC that the stock market spent July on a “sugar high,” rising to levels not justified by an economy that is still limping along….”
