Stock Market Investing News Trend Review today November 30, 2012:
The primary stock market composites rallied higher mid-week on news that Washington was inching closer to a year-end fiscal cliff budget deal. Investor confidence was boosted further last session after several positively skewed economic reports presented.
According to the National Association of Realtors, pending home sales in October rose higher by 5.2 percent to a seasonally adjusted rate of 104.8. This rate is the highest level for the pending home sales index since March 2007. The rise in pending home sales is just another indication of the strengthening housing sector and U.S. recovery process.
Initial jobless claims posted lower last session and were better than expected. According to the government data, weekly claims for initial unemployment benefits dropped lower by 23,000 393,000. The data is also be an indicator of holiday hiring. Government data also showed that the U.S. economy grew at an annual rate of 2.7 percent during the third quarter.
The Dow Jones Industrial Average, as well as the Nasdaq and the S&P 500, closed on positive ground due, in part, to the better than expected economic reports.
The Dow Jones Industrial Average finished the last trading session higher by .28 percent at 13,021.82. The Nasdaq finished the last full session higher by .68 percent at 3,012.03 and the S&P 500 closed the day higher by .43 percent at 1,415.95.
Stock Futures were posting positive this morning and stock were set for the stronger open.