No Signs of "Santa Claus Rally" as Markets Off on Cliff Worries, Disappointing Retail Numbers

All of the major markets saw a decline on Wednesday after no progress was made on Fiscal Cliff talks and retailers began reporting holiday sales figures that may end up being the worst since the financial crisis. However, non-traditional retailers have been showing signs of growth as Christmas Day online sales jumped 22.4% over last year. The US Dollar rose to a 2-year high against the Japanese Yen, fueled by the new PM of Japan pushing banks to lower interest rates to help their economy. US home prices beat forecasts for the month of October, increasing by 4.3% YOY according to the S&P/Case-Shiller index of property values.
There was no sign of a so-called "Santa Claus Rally", which is the surge in stock prices that often occurs in the week between Christmas and New Year's.

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Published on Dec 26, 2012
By InvestorGuide Staff

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