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Bob Carey
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  US Stocks Week Ended December 28, 2012
Posted Under: Weekly Market Commentary
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Today marks the final trading day for 2012. Despite last week's drop in the S&P 500 of almost 2%, indexes have performed well. Year to date, the S&P 500 has returned 14.07%, the Dow 8.84%, the Russell 3000 14.45% and the FTSE 100 15.79%. Last week's drop was mostly attributable to the uncertainty involving a deal to avoid the fiscal cliff. If Congress cannot reach a deal, $600 billion in automatic cuts in spending and tax increases would immediately take effect. According to the Wall Street Journal, the Pentagon has been readying a plan to notify 800,000 employees that they could be forced to take several weeks of unpaid leave in 2013 if a deal cannot be struck. In company news, it was a slow week. Marvell Technology fell 14% last week after a US Jury ordered the company to pay $1.17 billion in damages to Carnegie Mellon University for infringing on patents held by the university. UK publisher and owner of the Financial Times, Pearson, agreed to purchase a 5% stake in Barnes and Noble's Nook for $89.5 million. Also, Toyota announced they would spend $1.1 billion to settle lawsuits related to claims that its vehicles would spontaneously accelerate. Looking ahead, trading in the holiday shortened week will most likely be driven by news coming out of Washington. Tuesday, the market will be closed so that revelers can ring in the 2013. Finally, the market may get a better glimpse into the performance of retailers during the holiday season as Family Dollar reports earnings on Thursday.
Posted on Monday, December 31, 2012 @ 9:03 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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