Stocks have lost their way a bit so far in December, but that cannot diminish the unexpectedly good year that has been 2013. As traders await Wednesday’s policy statement from the Federal Open Market Committee, policy makers no doubt take some encouragement from the Ryan/Murray fiscal policy breakthrough that the Senate will take up this week. Of course, reduced fiscal drag may be the opening that Fed policy makers have been looking for in order to introduce a little monetary drag – four and a half years after the end of the Great Recession. Follow the link below to our review of last week’s market action.
Stocks rallied on Friday’s better-than-expected employment report, erasing most, or in some cases all, of their Monday-Thursday declines. Click the link below for our latest weekly review.
U.S. stocks hit new highs during the short trading week, despite some mild profit taking Friday. Bonds were fairly flat on the week. Commodities were mixed, with metals up slightly and crude oil and unleaded gasoline lower by 1.5%-2%. The dollar hit a six-month high against the yen, at 102.49, while the euro was gaining 0.3% against the dollar. Follow the link below to our Weekly Market Recap.