Markets seem to be getting ready for Christmas with the bulls staging a spirited comeback. This week has been a pretty good one after a turbulent November. It looks like the market will close out the week on a positive note with global markets holding firm.
The start today will be higher after the US stocks extended rally and the ECB extended liquidity support measures. Asian markets are mostly up. All eyes are on the monthly US jobs data that will be released before the opening bell.
December has historically been a good month for Wall Street and it appears that the pattern will not be any different this year as well. There are signs of a pick-up in consumer confidence in the US.
US retailers posted robust November sales and pending home sales jumped 10% in October. The Dow notched up its second straight triple-digit advance. European stocks gained despite the ECB refraining from boosting the bond purchase program. Instead, the central bank said it will continue stimulus measures. A well received Spanish bond auction also lent support.
