We mentioned a few days ago how the two days surrounding Thanksgiving are generally positive (70%) of the time, with an average gain of 0.3%. Lo and behold that is essentially what happened yesterday with the S&P 500 up 0.25%... the NASDAQ continues to outperform up 0.67% as Apple (AAPL) had another sharp upward move. Hewlett-Packard (HPQ) results also helped give a positive tone to tech stocks. Volume, as usual this time of year, was very light. The Thomson Reuters/University of Michigan gauge on consumer sentiment came in at 75.1 in November, topping estimates for a rise to 73.5.
Groundhog day on the indexes with this slow melt up...
HPQ rose after beating on earnings... expectations were low so this was a case of beating modest expectations. The company said it earned $1.41 billion in the fourth quarter, or 73 cents a share, after losing $6.85 billion, or $3.49 a share, a year earlier. Adjusted profit of $1.01 per share beat analyst estimates of $1 per share. But revenue declined 2.8% to $29.13 billion, with sales slipping in nearly all business segments.
Regional banks also had a great day:
One area that had a rough day was oil stocks....
...however, the refiners, which we highlighted last week, had another superb day. As the price of their major input (oil) drops they can make more money.
We won't have a recap Friday as it is a half day for the markets, so have a good Thanksgiving and we'll see you back here Monday.
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Slow Melt-Up On Light Volume
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