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Nov 26 2014

Little For Investors To Grab Onto

Market Recap:

Stocks started on relatively strong footing on Tuesday, after the second reading of Third Quarter GDP showed the US economy growing by 3.9% – better than expected. But, a slower than forecast rise in home prices and weaker energy prices ended up dragging stocks into lower territory by the end of trading. Excluding the energy sector, which dropped 1.6%, stocks were mostly unchanged, with Consumer Discretionary shares rising 0.23% on overall optimism. Oil fell to a four-year low as market participants began to doubt that Saudi Arabia and OPEC would announce a cut in oil production in their upcoming meeting set for this Thursday.

Looking Ahead:

There is little for investors to grab onto on the Wednesday before Thanksgiving, and with so many traders and investors already heading for a long weekend, expect light volume today. This morning’s release of Durable Goods orders could impact market direction if the figure is materially away from consensus estimates – economists expect a decline of 0.5% in the month of October. Home sales and consumer sentiment data will also be released.

Make sure to tune into CNBC this afternoon at 3:45 PM when our President Oliver Pursche joins Kelly Evans and Bill Griffith on the floor of the New York Stock Exchange to give our latest analysis and outlook. And don’t miss a very special “Best Of” Money Matters with Gary Goldberg this Saturday at 2:00 PM and Sunday at 11:00 AM on WOR 710 AM Radio. Visit our website for details.