Much unpleasantness before the holidays. The Dow was off .63% to 12,343. The Nasdaq was down a similar percentage.
News was light, but work leaked out the Chrysler will unveil another turnaround plan in February. The company has done this often enough so that it requires little practice.
A federal court cut the penalty for the Exxon Valdez oil spill to half of the original $5 billion. Given Exxon’s earnings, it may be a bit of a rounding error.
November consumer spending rose more than it had for any time in four months, leaving a chance that the holidays may be bright.
Toyota put out word that its production in 2007 would be well over 9.4 million vehicles. That will likely put it ahead of GM in the race to be No.1 among the car companies.
Oil stayed above $62 a barrel, but not by much.
Durable goods orders rose 1.9% in November.
The University of Michigan consumer sentiment index rose to 91.7 from 90.6 earlier in December.
Douglas A. McIntyre
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