Christmas Eve - Stock Market Open

Yes, the stock market is open on Christmas Eve, but only for a portion of the day. Read further down the article to get the specific financial markets information you need for your trading day. Visit the front page of Wall Street Greek to see our current coverage of Wall Street, economic reports and global financial markets.

(Tickers: NYSE: DAI, NYSE: HMC, NYSE: TM, NYSE: F, NYSE: TTM, NYSE: DIA, NYSE: SPY, Nasdaq: QQQQ, NYSE: NYX, NYSE: DOG, NYSE: SDS, NYSE: QLD)

The open stock market was joined by a Senate in session on this strange Christmas Eve. US equity markets will close at 1 p.m. and the bond market at 2 p.m. though. As is usual, many markets across the world will be closed the full day for the holiday. All US and global markets are closed on Christmas Day so you can eat your goose in peace, even you Senators.

Christmas Eve - Stock Market Open

Because of the holiday, very few companies are open for operation, let alone reporting earnings results on Christmas Eve. However, a couple key economic reports slipped into the slow trading day slate due to the necessity of a monthly publishing schedule. Relatively good news emanated from Durable Goods Orders and Weekly Jobless Claims, and the US Senate passed health care reform. The major indexes rose fractionally through mid-morning as a result.

Durable Goods Orders

Durable Goods Orders were reported lower than expected for the month of November. New Orders increased 0.2%, versus economists consensus expectations for a 0.5% gain and an October decline of 0.6%. When excluding Transportation, Orders improved 2.0%, against a revised October decline of 0.7%. We noted in our weekly economic report schedule that October's weakness matched against a spike in September, and that this volatile measure's trend line is likely somewhere in between the two contrasting months of activity (or more like November activity).

You get a better picture of the current economic state when comparing to the prior year levels of activity. New Orders were down 7.8% and 6.9% ex-transportation when compared to the prior year period. Within this month's change, improvement was seen in communication equipment (+4.0%), computers & electronics (+3.7%), machinery (+3.5%) and electrical equipment (+3.2%). Transportation Orders fell 5.5%, versus a 0.2% drop in October. Within the transportation segment, non-defense aircraft collapsed 32.6%, while defense aircraft fell 3.2%. For investors in Ford (NYSE: F), Toyota Motors (NYSE: TM), Honda Motors (NYSE: HMC), Daimler AG (NYSE: DAI), Tata Motors (NYSE: TTM) and others, motor vehicle orders slid 0.2% in November.

Weekly Jobless Claims

Weekly Initial Jobless Claims were also reported this morning. In the week ending December 19, new benefits claims filers improved to 452K, from the prior week's unrevised 480K. The four-week moving average moved slightly lower to 465,250. Economists had been looking for a reading of 470K this week, so this is cheery good news for a holiday market. The insured unemployment rate stuck at 3.9% again this week.

In these tough times, we like to share useful information for those seeking work or financial aid. Extended benefits were available in Alabama, Alaska, Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Maine, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Virginia, Washington, West Virginia, and Wisconsin during the week ending Dec. 5.

The highest insured unemployment rates in the week ending Dec. 5 were in Puerto Rico (6.4 percent), Oregon (5.9), Pennsylvania (5.6), Wisconsin (5.6), Alaska (5.4), Washington (5.2), Idaho (5.1), Nevada (5.1), California (4.9), Michigan (4.9), and North Carolina (4.9).

The largest increases in initial claims for the week ending Dec. 12 were in Puerto Rico (+1,260), Louisiana (+1,123), Nebraska (+941), Maine (+728), and the District of Columbia (+696), while the largest decreases were in North Carolina (-14,374), Pennsylvania (-14,302), New York (-13,432), Georgia (-11,142), and Wisconsin (-10,650).

Natural Gas Report

The EIA's Natural Gas Report showed natural gas stocks decreased by 166 Bcf in the week ended December 18. This compared against the prior week's significant draw of 207 Bcf. Natural gas stores were still 395 Bcf above the five-year average for this time of year; this number is on the downtrend, as it stood at 433 Bcf last week and even higher the week before.

Before you panic, we note that electricity usage increases in the holiday shopping spree, as store owners keep the lights on later and home parties keep families awake into the evening. Also, due to normal winter trends, electrical heating devices add to consumption, and hot water demand rises as well. Still, the summer season brings the greatest draw from natural gas inventory due to increased air conditioner usage, while fuel oil typically sees seasonal winter draw.

Washington News Drivers

The Senate passed the health care reform bill with a vote of 60 to 39. We will cover this story in more depth at a later date. The Fed will report on the state of its balance sheet at 4:30 p.m. Money Supply will also be reported later today.


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