Stocks pulled back sharply yesterday on light, holiday volume. More concerns in Europe sent the euro down and the dollar up, putting pressure on the U.S. markets. The Dow lost 140-points.
For the TSP, the C-fund lost 1.22% yesterday, the S-fund dropped 1.87%, the I-fund was down 1.31%, and the F-fund (bonds) gained 0.43%.
I would have been surprised if we got through this week without any selling pressure given our 71% bulls vs 19% bears sentiment survey results for this week. So today's action was hardly unexpected.
Aside from bullish sentiment, news out of Europe that deposits at the European Central Bank hit a record 452 billion and that the central bank’s balance sheet has expanded to a record 2.73 trillion also served as a reason to take profits.
Stocks were mostly flat yesterday as the market attempted a few intraday rallies but finally settled about where they started. The Dow lost a couple of points on the day but the other major indices saw slight gains.
For the TSP, the C-fund ticked up 0.01% yesterday, the S-fund gained 0.28%, the I-fund was up 0.28%, and the F-fund (bonds)
Stocks closed mixed today as the DOW dipped 0.02%, the S&P 500 ticked up 0.01%, while the Nasdaq tacked on 0.25%. The Wilshire 4500 (S fund) also closed up 0.25%, while the EAFE (I Fund) closed down 0.45%.
Data was limited today, but we did receive the Consumer Confidence Index number for December, which showed an increase to 64.5 from 56.0 the previous month. That was much better than estimates calling for 58.0.
We also got the Case-Shiller 20-city Index report, which
12/27/11 I hope everyone enjoyed their holiday weekend. I assume many of you are still on vacation but the market is open again so it's back to work.
The last day of trading before Christmas is historically one of the most consistently positive days of the year and it did not disappoint this year. Stocks rallied early, held onto those gains, and gained strength into the close, and the Dow ended the day at the high picking up 124-points.