Daily Investment Interpretations

December 3, 2009

2009-12-3: The markets nose-dived today. The NASDAQ Composite fell`11.89 points, (-0.54%) to end at 2,175.14, the Dow dropped 86.53 points (-0.83%) to close at 10,366.15, and the S&P 500 lost 9.32 points (-0.84%) to 1,099.92. Oil closed at $75.74 a barrel, while gold added $5 to close at $1,218. The VIX rose 1.34 to 22.46.  
    Apparently, today's late-in-the-day downturn was a result of the second Federal Reserve governor (James Bullard) this week warning that high unemployment won't keep the Fed from raising rates. With Chairman Bernanke on the hot-seat in confirmation hearings, with unemployment on the rise, and with disappointing news in the services and manufacturing sectors, traders might be a bit nervous about this kind of talk. Also, tomorrow's jobs report (Stocks make late-session drop on jobs jitters) may have some investors nervous.
    Stock market futures are slightly negative tonight.
    The next few weeks are the traditional time for a "Santa Claus" rally. On the other hand, some institutional investors may be booking their profits for the year.