Ahead of the Bell: Dow futures are trading down 155 points and S&P futures are trading down 17 points after plan B by Speaker, John Boehner, which contained a small tax increase on the wealthy to resolve the fiscal cliff failed to pass the House of Representatives. Investors were not expecting the bill to pass, but it would have boosted financial markets temporarily, had the initiative been approved. This now sets up two difficult choices for the Speaker and Democrats, either negotiate, or let the automatic tax increases and spending cuts take effect, while the economy hangs in the balance. The clock keeps ticking, as its eleven days for politicians to come to a deal.
On the economic calendar today, durable goods orders for November will be out prior to the market opens, it is forecasted to be 0.5% compared with a flat reading for October. Personal income and outlays for November...
Philip Ross of the company Fonckel is the winner of the Shell LiveWIRE Award 2012. Ross today visits Beursplein 5 and sounds the gong together with Dick Benschop, President-Director Shell Netherlands B.V.
The price is awarded to the entrepreneur who excels in his or her capacity for innovation and entrepreneurship quality. LiveWIRE is an international program from Shell that supports and stimulates entrepreneurship. Syntens Innovation Center is responsible for executing the program in the Netherlands. LiveWIRE focuses specifically on young innovative entrepreneurs. Every year over 600 entrepreneurs receive free guidance and training during masterclasses from experts.
On Thursday, December 20, orphaned puppies available for adoption during the 14th annual Iams Home 4 the Holidays pet adoption program will visit the New York Stock Exchange to raise awareness of animal homelessness.
In honor of this occasion, Mike Arms, President of Helen Woodward Animal Center and Jill Rappaport, Today Show correspondent, along with representatives of Iams Home 4 the Holidays, the Helen Woodward Animal Center, and Bideawee, one of the nation's leading animal welfare organizations, will ring The Closing Bell, along with the help of orphaned dogs.
Iams Home 4 the Holidays, founded in partnership with the Helen Woodward Animal Center, has become the largest pet adoption campaign on record, saving over 7 million pets since its inception in 1999. This year, Iams Home 4...
Stocks started the trading session mixed as investors digested numerous economic reports and waited on new information from fiscal cliff negotiations. By mid afternoon, shares moved higher after House Speaker Boehner said he would work with President Obama and remains hopeful a deal could be reached on budget talks. The House of Representatives are scheduled to vote tonight on “Plan B” which would limit income-tax increases on those who earn more than $1 million per year. The Dow closed up 59.75 points to 13,311.72.
Economic Report Highlights:
US GDP expanded at a 3.1% annual rate, the Commerce Department said in its third estimate today up from 2.7% reported last month. This reading was the fastest growth since late 2011. Economists estimated a growth of 2.8% pace.
Breakfast Bites: Despite better than expected GDP, Housing data and Philadelphia area manufacturing figures, stocks are trading in mixed territory as uncertainty with the US debt issue keeps the market in check
The U.S. economy grew faster than previously estimated in the third quarter as exports and government spending provided a lift. Gross domestic product expanded at a 3.1 percent annual rate, the Commerce Department said in its third estimate on Thursday, up from the 2.7 percent pace reported last month.
Initial claims for state unemployment benefits increased 17,000 to a seasonally adjusted 361,000, the Labor Department said. This put them back at the lower end of their pre-storm range and suggesting job growth remains moderate.
Consumer confidence in the US climbed last week to the highest level in 8 months (-31.9) as American’s views on the economy improved