PortfolioCrafter - Market Commentary 11/29/07
November 29th, 2007 / 8:06 pm / by portfoliocrafter
Stocks struggled higher Thursday, at the end of a bumpy session in which investors mulled weak home sales and mixed corporate news ahead of a key speech from Fed chairman Ben Bernanke in the evening.
The Dow Jones industrial average climbed nearly 0.2 percent. The broader S&P 500 index ended just above unchanged and the tech-fueled Nasdaq composite ended 0.2 percent higher.
Stocks had rallied for two sessions, with the Dow gaining nearly 550 points as investors jumped back in after Monday’s decline. It was the biggest two-day advance for the Dow on a point basis since October 2002. On Monday, the three major gauges ended the session down by at least 10 percent off the highs hit in October, a decline that fits the technical definition of a “correction.”
Friday brings reports on personal income and spending for October, construction spending for October and the November Chicago PMI - a regional manufacturing read.
All the best,
Manuel Jesus-Backus
The Portfolio Crafter
