Stocks end shortened session at new 2009 highs

[HughMoran]

By STEPHEN BERNARD and SARA LEPRO
The Associated Press
Thursday, December 24, 2009; 1:48 PM

NEW YORK -- Stocks ended a holiday-shortened session Thursday at new highs for the year following upbeat reports on unemployment and durable goods orders.

A weaker dollar also helped buoy the market, lifting energy and materials stocks. Christmas Eve trading was extremely light.

The encouraging signs of the labor market and consumer demand helped assuage investors, who were disappointed the day before by an unexpected plunge in new home sales last month.

New claims for unemployment benefits fell 28,000 to 452,000 last week, the Labor Department reported, the latest sign of improvement in the job market. It was the best figure since September 2008, just before the credit crisis peaked, and better than the 470,000 new claims economists had predicted.

Separately, the Commerce Department said orders to factories for durable goods excluding the volatile transportation sector jumped 2 percent last month, double what analysts expected.

...

http://www.washingtonpost.com/wp-dyn/content/article/2009/12/24/AR2009122400759.html?hpid=topnews

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:bounce:

[NJmaverick]

1. We are just getting bombarded with good news today

:toast:

[Statistical]

2. Santa Claus rally IMHO.

8 of last 10 years the stock market rose in December. On average by 4%.

Of course I am riding it up (why not lock in a couple extra %) but I will be lightening my exposure to equities in 2010. I think we may see a 10%+ correction in first part of the year.