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 It was another low volume trading session. The big news of the day came out of the housing market. First, the scoreboard: Dow: 12,287.0, +135.6, +1.1%
S&P 500: 1,263.0, +13.4, +1.1%
NASDAQ: 2,613.7, +23.8, +0.9% And now, the top stories: - The highly anticipated Italian long-term bond auction this morning didn't go as badly as it could have. Ten-year bonds sold at a yield of 6.98%, which is down from the +7% level we've been seeing over the last few days. However, demand was a little light. Also, the Hungarian 3-year bond auction was pretty horrific. These 10 Dates Are Crucial For The Future Of Europe >
- The euro extended its plunge against the dollar earlier this morning before rebounding slightly. Also, gold dipped. The yellow metal is looking less like a safe haven everyday. Reformed Broker Joshua Brown argues it's more like a momentum asset that's lost its steam. Here's What Will Happen To Commodity Prices Next Year >
- Initial jobless claims came rose to 381k, which was slightly higher than the 375k expected by economists. However, the number remains near 3-year lows and continues boast a sub-400 handle. The 4-week moving average fell to 375k and continuing claims fell to 3.598 million.
- Chicago PMI came in at 62.5, beating the expectation for 61.0. However, this is down slightly from last month's reading of 62.6. The data point went largely unnoticed by the markets. This Is How The World's Most Important Economies Stacked Up In 2011 >
- The big news of the day was pending home sales, which smashed expectations by jumping 7.3% month-over-month in November. Economists were expecting a modest 1.5% increase. Is this yet another sign that we're near a bottom? Earlier today, the Wall Street Journal reported that big hedge funds were going long the housing market via home builder stocks, which soared today. Masco, PulteGroup, Lennar, and DR Horton were among the biggest gainers in the S&P 500.
- Amazon.com shares got hit hard on unfavorable comments from Goldman Sachs. Analyst Heather Bellini warned that comScore data suggested that Q4 sales were likely to come in at around $17.9 billion, which is below the consensus estimate of $18.2 billion. However, JP Morgan analyst Doug Anmuth fired back saying Goldman's analysis was flawed.
- Don't Miss: These 10 Countries Will Command World Trade In 2050 >
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