"Stocks closed higher Thursday, as investors looked on the brighter side of mixed reports on housing and jobs that came out before the opening bell. Gains were broad-based in the Dow, with 25 of its 30 components closing higher.
Despite Thursday's mixed reports, economic data have been relatively upbeat lately. Stocks have performed well in December so far, with the three major indexes up 2% to almost 4%.
Trading is expected to be quiet over the next few weeks, and some traders are starting to close up their portfolios ahead of year's end. Many market participants will start taking holiday vacation next week, and few economic reports are on tap for the remainder of the year.
"We're walking away from 2010 with the impression that we're gaining some forward momentum," said Fred Dickson, chief market strategist at D.A. Davidson & Co.
But the Dow is hitting some resistance at 11,500, Dickson said, which is a technical and psychological point. The Dow has flirted with that level and gone above it briefly this week, but it has yet to remain there for an extended period.
Trading on Thursday reflected traders adjusting their portfolios ahead of Friday's so-called "quadruple witching."
The term refers to the phenomenon that takes place four times a year, when several derivatives contracts expire at the same time -- those tied to market index futures, market index options, stock options and stock futures." - [Source: cnnmoney.com]
The DJIA Index finished the last trading session Up 41.78; and The SPI Futures are currently: Up 11 pts atm.
Gold is currently trading Down $9.90 & is sitting at US$1,369.50/oz atm [Source: Kitco] Oil is currently trading Down $0.92 & is sitting at US$87.70/bbl atm [Source: Bloomberg] The Dollar: The AUD is currently trading @ 0.9898 cents against the US Dollar[Source: Forex. Live]
