Last week brought another weekly loss as recession fears continue to batter investor confidence - The S&P 500 lost 0.2% and the Nasdaq was down 2%, although, the Dow Jones gained 0.9%. The resurgence of recession fears have dashed the hopes of a year-end rally and with one week left in the year, stocks are on pace for their worst annual performance since 2008.
Economic reports from last week came back mixed: •Homebuilder Sentiment - lower than expectation •New Residential Construction - lower than expectation •Existing Home Sales - lower than expectation •New Home Sales - higher than expectation •Consumer Confidence - higher than expectation •Consumer Sentiment - higher than expectation •Personal Income - higher than expectation •Jobless Claims - lower than expectation In a holiday-shortened week, investors will look for guidance from economic reports like Housing, Manufacturing and Jobless Claims.