Strong Markets Maintain a Positive Outlook for a Stronger Economy
On Friday, the US stocks remained little changed while closing for the first trading session in the New Year. It finished off well as the session toughed highs due early gains in the economic data.
Amidst lukewarm economic conditions, there was an unexpected fall in the construction spending in November by 0.3 per cent. According to the Institute for Supply Management, in December, the growth of the manufacturing sector in US dropped to a low of six month low.
Peter Cardillo, the chief market economist at Rockwell Global Capital in New York said, "The data we got out today basically dampened early enthusiasm. It's just a little bit of softness but I don't think it changes the outlook for a stronger economy."
In the broad rally the markets had started at a higher note, however the indexes lost ground in the later run. Volumes were light as the New Year's holiday season approached. This often intensifies market volatility.
According to BATS Global Markets, approximately 5.29 billion shares were traded on the US exchanges. The number was much below the average of 6.87 billion in the previous month.
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