WEEKLY SUMMARY: US “soft landing” hopes pushed stocks higher
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Major US stock indexes produced moderate gains in the final full week of the year. Friday saw a puke in stocks as year-end pension rebalancing hit the market. US macro surprises were negative on the week; , The Conference Board reported that its index of U.S. consumer confidence fell in December to 104.7 from 112.8 in November. For the fourth time in the past six months, new orders for durable goods declined, falling 1.1% versus consensus expectations for a 0.2% rise. New home sales in November also came in slightly below consensus expectations; the Census Bureau reported a seasonally adjusted annual pace of 664,000 compared with expectations for 670,000, Meanwhile, the Labor Department reported on Thursday that applications for unemployment benefits declined slightly to 219,000 for the week ended December 21, the lowest reading since mid-November.