MARKET FOCUS
U.S. stocks ended little changed on Thursday, as weak economic reports sent the U.S. dollar tumbling to a new record low against the euro, while volume was modest ahead of the Christmas holiday. U.S. markets will be closed on Friday.
The U.S. dollar fell to a new record low against the euro at $1.3516 on Dec. 23, below the prior all-time low of $1.3469 hit on Dec. 7.
New home sales fell 12 percent in November to 1.125 million units. New durable goods orders fell 0.8 percent last month, excluding transportation—the second straight month to witness a decline. Finally, weekly claims for unemployment benefits shot up as well.
In the IT sector, PalmSource was among the losers on disappointment about the handheld device maker’s outlook. Linux open-source software maker Red Hat also missed the revenue consensus.
OUTLOOK
Markets have caught on early the “January effect,” a popular market term describing how small-cap stocks tend to outperform heavyweights in the New Year. But the jury is still out about whether the trend will last.
THE NUMBERS
The Dow Jones Industrial Average gained 11 points, or 0.1 percent to 10,827. The Nasdaq Composite Index added 3 points, or 0.1 percent, to 2,160, while the Nasdaq-100 index ended flat at 1,613.
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