Is Santa coming to Wall Street?
Get ready for December. Historically, December is a good month for the S&P 500. In fact, since 1950, no month is up more often than the 75% of the time December finishes in the green, and the +1.6% average return is also the best out of the 12 months. The month of December has never finished as the worst month of the year.
The Commerce Department said consumer spending rose 0.3% in October. Consumer spending grew at a 2.3% annualized rate in the third quarter.
The personal consumption expenditures (PCE) price index excluding food and energy, rose 0.2%. The core PCE increased 1.4% in the last 12 months.
Personal income rose 0.4% in October. Wages rose 0.3%. Savings increased to $457.3 billion or 3.2% increase.
This weeks positive GDP revision to 3.3% was driven by business equipment spending, state and local government spending, and private inventory accumulation.
Join us this weekend for Financial Focus Radio when we will talk about how to set yourself up for a potential Santa Claus rally.
The S&P 500 is down 6 and the NASDAQ is down 37. The MSCI international index is lower.
Oil is up 50 cents at $57.75 a barrel.
Gold is up $2 at $1279 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.