Light Trading Continues as Housing Sector Stumbles (BAC, ALL)

Stocks continue the post Christmas lag in trading with another mixed day. Investor concern drew the spotlight, again, as the housing sector continues to struggle. Home sales declined again in October, this time in all major cities. Treasury prices fell as well, as a lower than expected buyer turnout for the bond auction this week. Consumer confidence has slipped this month, too, despite encouraging retail sales. In corporate news, Bank of America (BAC) is being sued by All State Corp (ALL) over their Countrywide properties’ foreclosure procedures. This adds to the continued controversy over company wide issues regarding unfair foreclosure practices.

Word on the Street

• Markets end mixed after housing and consumer confidence reports.
• Concerns over the current and future job prospects drag down consumer confidence in December.
• Insurance provider All State Corp (ALL) sues Bank of America (BAC) over Countrywide foreclosure proceedings.
• Earth mining company Molycorp sees shares jump after China announces a reduction in export fees.
• Another contract dispute involving Time Warner Cable (TWC) could leave customers without TV networks again.
• Pimco’s Bill Gross still sees municipal bonds as a strong buy despite the perceived risk.
• Microsoft’s (MSFT) Kinect is a holiday smash – but is it too late for the tech company to compete with Nintendo’s Wii?

Interesting Tidbits

• You’re better off being approximately correct than being precisely incorrect.
• Don’t just make a New year’s resolution and hope to achieve – develop a plan of execution to reach your new year goals.
• Can’t think of a worthwhile 2011 goals for your company? Try starting with new personal finance goals.

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