December 3, 2009
The stock market is mostly flat this morning. The S&P 500 got as high as 1,117 earlier today which is a fresh bull-market high. The big news is that the Senate Banking Committee has begun confirmation hearing for Ben Bernanke. President Obama has reappointed him for another term.
The market is also digesting the news that General Electric (GE) has sold a majority of its take in NBC to Comcast (CMCSA). The goal is to make a more focused GE. I currently rate both stocks as Sells.
We also got the report on the ISM nonmanufacturing index which fell to 48.7 in November from 50.6 in October. That was below the consensus of 51.5. The index usually moves more or less in line with the broad trend in core retail sales, with a lag of a month or two.