Christmas holiday week.
Stocks in the coming week should trade quietly, as more investors sit out until the start of the new year and others start early positioning for 2010. There are a few key economic reports on home sales, jobs and manufactured goods in the holiday-shortened week, and of course, everyone will be watching retail sales.
The Dow and S&P 500 hit new highs for the year in the past week but finished the week lower. The Nasdaq was higher, however, gaining nearly 1 percent to 2211, and the Russell 2000 climbed 1.8 percent to 610. The Dow was down 142, or 1.4 percent at 10,328, and the S&P 500 rose 0.4 percent to 1102. The dollar, meanwhile, was the big story for markets, gaining 2 percent against the euro for the week and 1.4 percent against the yen. The euro Friday was at $1.4335. Treasury rates were on the rise this past week, with the 10-year yield climbing to 3.548 percent.
The four day week ahead includes plenty of data, including a final reading on third quarter GDP, existing home sales and the FHFA home price index Tuesday. On Wednesday, personal income, consumer sentiment and new home sales are reported and on Thursday, weekly jobless claims and durable goods are released.
Thursday is a shortened session and on Friday, markets are closed for the Christmas holiday.
Disclosure: SPY DIA QQQQ