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Economy

Economic Data (USA)

Monday, December 19, 2005

All 3 Majors Down Today: Xmas 2005 Is Pretty Much Over

Poor performance by retail and tech-related stocks contributed to the day's dismal numbers, as many investors have come to accept that the Xmas shopping season is over for 2005; Xmas 2005 will be remembered as lackluster and disappointing.

Pfizer and Merck did well today: stock in PFizer closed up by $1.74 @ $24.32 per share on news of a recent court decision that should protect Pfizer's patent on the cholesterol drug Lipitor until the patent expires 5 years from now. Merck closed up by $2.24 @ $32.25 per share on news that an analyst @ Deutsche Bank has given the company a "buy" rating.

American auto giants GM and Ford continue to struggle: sales of GM cars haven't improved, while the Fitch ratings agency has reduced Ford's debt rating to "junk" status.

Weather forecasters predict more mild weather in the Northeast United States, and, as you might have guessed, this caused the price of oil to drop further; light & sweet crude closed @ $57.33 per barrel.


Today's Numbers:

DJIA: Closed Down @ 10,836.53 (-39.06)

NASDAQ: Closed Down @ 2,222.74 (-29.74)

S&P 500: Closed Down @ 1,259.92 (-7.40)


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