Stocks were poised to kick of the new year with gains as investors await two economic reports. For 2009, the S&P 500 gained 23.4%, the Dow added 18.8%, and the NASDAQ surged 44% higher.
After the market opens, the Institute of Supply Management’s December reading on manufacturing is expected to come in at 54.3%, which would be a slight improvement from 53.6 in November. A reading above 50 is meant to denote an expansion of business activity in the manufacturing sector. At the same time, the construction spending report is projected to have declined 0.5% from the prior period.
Tomorrow we will get motor vehicle sales and pending home sales data. On Wednesday, the FOMC will release the minutes from their previous meeting, and we will get a look at the ADP Employment report and the ISM Non-Manufacturing Index. Thursday brings the weekly jobless claims number and we will get additional insight into the labor markets Friday with the government’s Employment Situation report.
- Harrington Wealth Management
- Our firm provides comprehensive trust and investment management services by employing a customized asset allocation approach. By focusing on the individuality of each client, Harrington Wealth Management Company has helped high net worth individuals, families, and small institutions grow and sustain their wealth through proven investment practices since 1994. A fee-only advisor, we also offer other financial services from our offices in California, Kansas and Indiana that include custody, estates, land trusts, probate administration, guardianships, personal trust administration, retirement plan services, and investment consulting services.
