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WEEKLY QUOTE
“I
learned that courage was not the absence of fear, but the triumph over it.”
-
Nelson Mandela
WEEKLY TIP
If
you marry before the end of 2013, the IRS will consider you married for the entire
tax year. So when you send in your 2013 federal return, you will either have
to file as married filing jointly or married filing separately.
WEEKLY RIDDLE
I
have a bank, yet no cash. I can run, but can’t walk. I have a bed, but never
sleep. I have a mouth, but ingest no meals. What am I?
Last week’s riddle:
What has one eye and yet can’t see?
Last week’s answer:
A sewing needle.
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December 17,
2013
“MINI-BARGAIN” PASSES HOUSE, HEADS FOR
SENATE
Last week, the congressional budget committee headed by
Rep. Paul Ryan (R-WI) and Sen. Patty Murray (D-WA) succeeded where its 2011
predecessor had failed – it reached a deal, albeit a small-scale one. The
House passed its budget bill by a 332-94 vote Thursday night; the legislation
heads for the Senate this week. If made law, it will reduce the federal
deficit by $23 billion during the next 10 years while halving 2014 sequestration
cuts to defense spending and non-defense discretionary spending. (Other scheduled
cuts in mandatory federal spending will proceed.) This deal doesn’t raise
taxes, and it doesn’t extend unemployment insurance, which could expire on
December 28 for 1.3 million Americans. Federal spending would increase by $45
billion next year as a result of the agreement.1,2
FALL BRINGS BETTER RETAIL SALES
The 0.7% November gain was the biggest recorded by the
Commerce Department in five months and brought the year-over-year improvement
to 4.7%. Minus auto sales, the gain was still 0.4%. October’s retail sales
gain was revised up to 0.6%.3
PRODUCER PRICES RETREAT AGAIN
The
Producer Price Index declined 0.1% in November following its 0.2% dip for
October. Economists polled by Bloomberg thought the headline PPI would be
flat for November, instead of retreating for a third consecutive month. November
did bring a 0.1% rise in the core PPI.4
ROUGH SLEDDING FOR STOCKS SO FAR IN
DECEMBER
Signals
of an improving economy also brought worries about a December taper by the
Federal Reserve. As a consequence, the S&P 500 (-1.65% to 1,775.32),
NASDAQ (-1.51% to 4,000.98) and Dow (-1.65% to 15,755.36) all staged 5-day
retreats.5
THIS WEEK: Monday brings
the Federal Reserve’s report on November industrial output; also, Ben
Bernanke speaks briefly at the Fed’s Centennial Commemoration. Tuesday, the
November CPI comes out along with the December NAHB Housing Market Index. On
Wednesday, financial markets around the world will be waiting for the Fed’s
latest policy statement; reports on November building permits and September,
October and November housing starts will arrive from the Census Bureau. Thursday,
NAR puts out its existing home sales report for November, the Conference
Board issues its November leading indicator index and new initial jobless claims
figures appear; Nike, ConAgra Foods and Pier 1 offer earnings news. Friday,
the Bureau of Economic Analysis makes its final estimate of Q3 GDP.
Sources: USATODAY.com, bigcharts.com, treasury.gov - 12/13/136,7,8,9
Indices are unmanaged, do not
incur fees or expenses, and cannot be invested into directly.
These returns do not include
dividends.
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«RepresentativeDisclosure»
This material was prepared by
MarketingLibrary.Net Inc., and does not necessarily represent the views of
the presenting party, nor their affiliates. Marketing Library.Net Inc. is not
affiliated with any broker or brokerage firm that may be providing this information
to you. This information should not be construed as investment, tax or legal
advice and may not be relied on for the purpose of avoiding any Federal tax
penalty. The Dow Jones Industrial Average is a price-weighted index of 30
actively traded blue-chip stocks. The NASDAQ Composite Index is an unmanaged,
market-weighted index of all over-the-counter common stocks traded on the
National Association of Securities Dealers Automated Quotation System. The
Standard & Poor's 500 (S&P 500) is an unmanaged group of securities
considered to be representative of the stock market in general. It is not
possible to invest directly in an index. NYSE Group, Inc. (NYSE:NYX) operates
two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE
Arca (formerly known as the Archipelago Exchange, or ArcaEx®, and the Pacific
Exchange). NYSE Group is a leading provider of securities listing, trading
and market data products and services. The New York Mercantile Exchange, Inc.
(NYMEX) is the world's largest physical commodity futures exchange and the
preeminent trading forum for energy and precious metals, with trading
conducted through two divisions – the NYMEX Division, home to the energy,
platinum, and palladium markets, and the COMEX Division, on which all other
metals trade. Additional risks are associated with international investing,
such as currency fluctuations, political and economic instability and
differences in accounting standards. This material represents an assessment
of the market environment at a specific point in time and is not intended to
be a forecast of future events, or a guarantee of future results. Past
performance is no guarantee of future results. Investments will fluctuate and when
redeemed may be worth more or less than when originally invested. All
information is believed to be from reliable sources; however we make no
representation as to its completeness or accuracy. All economic and
performance data is historical and not indicative of future results. Market
indices discussed are unmanaged. Investors cannot invest in unmanaged
indices. The publisher is not engaged in rendering legal, accounting or other
professional services. If assistance is needed, the reader is advised to
engage the services of a competent professional.
Citations.
1 - swampland.time.com/2013/12/12/house-passes-budget-bill-to-increase-spending-reverse-some-automatic-cuts/
[12/12/13]
2 - washingtonpost.com/blogs/wonkblog/wp/2013/12/10/heres-whats-in-paul-ryan-and-patty-murrays-mini-budget-deal/
[12/10/13]
3 - marketwatch.com/story/us-retail-sales-rise-07-in-november-2013-12-12-8913022
[12/12/13]
4 - reuters.com/article/2013/12/13/us-producerprices-idUSBRE9BC0HJ20131213
[12/13/13]
5 - fxstreet.com/news/forex-news/article.aspx?storyid=c9057f47-0e42-42ab-b939-e66c8ff9f833
[12/13/13]
6 - usatoday.com/money/markets/overview/
[12/13/13]
7 -
bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=12%2F13%2F12&x=0&y=0
[12/13/13]
7 -
bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=12%2F13%2F12&x=0&y=0
[12/13/13]
7 -
bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=12%2F13%2F12&x=0&y=0
[12/13/13]
7 -
bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=12%2F12%2F08&x=0&y=0
[12/13/13]
7 -
bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=12%2F12%2F08&x=0&y=0
[12/13/13]
7 -
bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=12%2F12%2F08&x=0&y=0
[12/13/13]
7 -
bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=12%2F12%2F03&x=0&y=0
[12/13/13]
7 -
bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=12%2F12%2F03&x=0&y=0
[12/13/13]
7 -
bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=12%2F12%2F03&x=0&y=0
[12/13/13]
8 - treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield
[12/13/13]
9 -
treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll
[12/13/13]
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Tuesday, December 17, 2013
Economic Update for the week of December 17th, 2013
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