U.S. stocks on Tuesday ended modestly lower after the government said inflation climbed faster than anticipated in November. After four sessions in a row of gains, the Dow Jones Industrial Average 10,452, fell 49.05 points, or 0.5%, to 10,452.00. The S&P 500 Index shed 6.18 points, or 0.6%, to 1,107.93. The Nasdaq Composite Index declined 11.05 points, or 0.5%, to 2,201.05. Financial shares led declines in U.S. stocks as Citigroup Inc. moved toward selling shares to repay bailout funds and credit-card delinquencies increased at JPMorgan Chase & Co.
The dollar rallied to the highest level in more than two months, while stocks and Treasuries retreated on speculation the U.S. economic recovery will prompt the Federal Reserve to reduce stimulus measures. Oil gained for the first time in 10 days to close at $70.70 up $1.17 while Gold was off slightly to $1,124.50.
We mentioned this morning in our Sentiment Note to instututional customers that while sentiment remains more neutral than bullish we expect prices to keep working higher (and corrections to be shallow) as it suggest investors still have more sideline liquidity available to purchase equities.
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