Daily Market Commentary for December 6, 2012
According to the Federal Reserve on Thursday as part of their quarterly Flow of Funds report, the net wealth of U.S. households rose during Q3 to its highest level seen since late 2007 which provides a positive sign for future consumer spending as consumers feel more comfortable spending their money. (read more at Millennium-Traders.Com)
The U.S. Labor Department announced on Thursday that applications for U.S. unemployment benefits fell by 25,000 to a seasonally adjusted 370,000 in the week ended December 1 for the third straight decline and lowest reading in one month. Revision to initial jobless claims from two weeks ago - up to 395,000 from an original reading of 393,000 which was based on more complete data collected at the state level. During November, the average of new jobless claims edged up by 2,250 to 408,000. In the week ended November 24, Labor reported that continuing jobless claims decreased by 100,000 to a seasonally adjusted 3.21 million.
Policy makers from the European Central Bank and President Mario Draghi on Thursday indicated that while they considered a rate cut, the Governing Council had a "wide" discussion on interest rates but that the "prevailing consensus" was to leave them unchanged. Draghi also said policy makers discussed the possible "complexities" of implementing a negative deposit rate with no further elaboration from the panel. ECB key lending rate remains unchanged at 0.75% with deposit rate it pays on deposits left with the institution remains at 0%.
January crude oil fell $1.62 or 1.8%, to settle at $86.26 a barrel on the New York Mercantile Exchange, for the third straight losing session, on the back of rising petroleum supplies and a weak economic outlook on the euro zone. Over the past two trading sessions, oil has fallen a total of 1.4%.
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