US equity markets closed the last trading session of the year in positive territory which has been a dominant theme throughout 2013. Today’s Consumer Confidence data supported equity markets after beating expectations at 78.1 and the previous figure was also revised higher. This saw the S&P move to record intraday highs although equity markets pulled off those levels on touted profit taking mid-way through the session, amid lower than average volumes. In individual stocks news, Hertz was one of the better performers today after CNBC reported that Dan Loeb’s Third Point were said to take a stake in the company and Corvex management had held meetings with the company. Heading into the close, a buy-side imbalance in the DJIA supported equities with the S&P 500 finishing the year at record closing highs. For the year, the S&P 500 finished higher by around 30%, marking its best yearly performance since 1997. Finally, the DJIA finished up 0.41% at 16576.41, the S&P 500 finished up 0.39% at 1848.33 and the NASDAQ 100 finished up 0.61% at 3591.99.
Print 21:00, 31 Dec 2013 - Market Analysis - Source: RANsquawk
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