The SPDR Gold ETF ($GLD) lost 0.4% and the US Oil ETF ($USO) gave back 0.7%.
- The bears can thank Congress and the Fiscal Cliff for the afternoon selling binge that took stocks from unchanged to the red. When politicians come out and say there is no room being made in regards to the fiscal cliff it is never good for stocks. That is exactly what happened during the 2pm hour and why stocks gave back some of the gains from last week.
- Before the opening bell the OECD slashed global growth estimates for 2013 and 2014. For 2013 the organization see growth of 2.9% versus previous estimates of 3.4% for the global economy. In 2013 the economy is expected to grow by 3.4%, however that is lower than the 4.2% they predicted in May. The OECD sees the US growing by 2.0% next year IF they take care of the fiscal cliff situation. The Eurozone will stay in recession according to the OECD and will contract by 0.1% in 2013 before returning to growth in 2014 with a gain of 1.3%.
- Home prices rise in the month of September by 3% year-over-year according to Case-Shiller. Prices are now 26% off their 2006 peak. The 3% increase is the largest annual jump since July 2010 and the streak of increasing prices is now at 6 months. The iShares Dow Jones Home Construction ETF ($ITB) closed with a gain of 0.1% on the day.
- Some top performing stocks and ETFs we follow at PFG:
- Cree ($CREE) up 3.4%
- iPath Grains ETN ($JJG) up 2.1%
- Linn Energy ($LINE) up 1.0%
- Dillard's ($DDS) up 2.2%
- CAI International ($CAP) up 1.6%
- Trex ($TREX) up 0.8%
- Stock of the Day: Visa ($V) was down 0.3%, but is only two days removed from an all-time high and if the holiday sales number continue to impress it should be a boost for the credit card company.
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