On Friday, the markets ended slightly higher on positive economic data and better-than-expected rise in consumer sentiment. However, the markets’ upward movement was subdued somewhat due to investors’ cautious attitude towards European debt crisis, tensions between the two Korean nations and apprehensions about the tax-cuts deal agreement. Nonetheless, the upward movement of the markets resulted in the indices gaining their two-year highs.
The Dow Jones Industrial Average gained 0.35% to 11,410. The Standard & Poor's 500 Index rose 0.60% to 1,240.40 and closed at its highest level since September 2008. The Nasdaq was up 0.80% to close at 2,637.54 and reached its highest level since end of 2007. The CBOE Volatility Index (VIX) rose above 17. On the New York Stock Exchange, the advance decline ratio was 2:1 and 4.5 billion shares were traded on Friday.
Helping the bullish attitude of investors was the positive data from a survey, reflecting a better-than-expected boost in consumer sentiment, in early December. The consumer sentiment index improved from 71.6 to 74.2 on a monthly basis and was at its highest level since June 2010. In the same survey, an indicator of economic conditions surpassed expectations of 83.1 to reach a level of 85.7. It marked the highest level since the economic turmoil in early 2008. The markets were also helped by an encouraging report from the Commerce Department. The trade deficit narrowed more-than-expected in October, as exports rose 3.2%.
Unemployment claims, one of the nation’s major concerns in difficult times, reported modest positive results. First time unemployment claims fell more than expected to 421,000 in the week and the four-week moving average of jobless claims dipped to its lowest level in two years.
Now coming to some key stocks that went up on dividend review were General Electric (NYSE:GE - Analyst Report), which sprung more than 3% after the announcement of a 17% increase in its quarterly dividend. Honeywell International (NYSE:HON - Analyst Report) rose 1.25% on the news of a 10% rise in dividends. Western Union Co. (WU), Whole Food Market (NYSE:WMFI) and Tyco International (NYSE:TYC - Analyst Report) also reacted positively on dividend up-gradation.
Read the full analyst report on GE
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Read the full analyst report on EK
Read the full analyst report on ODP
Read the full analyst report on NFLX
Read the full analyst report on FFIV
Read the full analyst report on NFX
Read the full analyst report on THC
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