Morningstar Morning Research Update Thursday, Dec 20, 2012
Thursday, 20 December 2012, 10:47 am Press Release: Morningstar
20-Dec-2012
Overseas Market
Report
Stocks were finished the session lower as
previous optimism for a new budget deal gave way to
developments that Congressional leaders and the president
continue to disagree on proposals. Both Democrats and
Republicans still are searching for common ground in revenue
increases and spending cuts to avert the fiscal cliff, but
the markets are now less hopeful a deal will be reached
before Christmas.
News from the housing sector wasn't
entirely positive either, as housing starts fell by 3% in
November from October's seasonally adjusted levels, with
single-family units decreasing by 4.1%. October's levels saw
a downward revision, as well, despite a monthly gain from
September. A silver lining of the Commerce Department's
report was that total new-home construction was 21.6% higher
year over year, and new building permits, which indicate
future home construction, improved by 3.6%, ahead of
economists' expectations. .. Read More
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