Coming Week: Holiday Cheer

Among Friday's data are November durable orders, which are anticipated to show a rise of 1.2% after falling 8.3% in October. Based on last week's jump in industrial production figures as well as an increase in aircraft orders, Wachovia's Schenker is looking for a "moderate bounce back" in durable goods.

Last week, the Federal Reserve said that November production at utilities, factories and mines rose 0.2%, ahead of forecasts for no change.

Personal income and spending for November also will be released Friday. Economists project that income rose 0.4%, on par with October, while spending climbed 0.3%, compared with 0.2% growth the prior month.

Earnings Gifts

Before the holiday slowdown, investors will be unwrapping profit reports from several big-name companies, including Oracle(ORCL Quote), Morgan Stanley (MS Quote) and Research in Motion(RIMM Quote).

Software giant Oracle will report its fiscal second-quarter results on Monday, and analysts expect the company to post earnings of 22 cents a share on revenue of $4.15 billion. Comparable earnings a year ago were 19 cents.

Morgan Stanley will step up to the plate on Tuesday, and investors will be looking for a strong showing from the investment bank following blowout reports from rivals last week. According to First Call, analysts expect Morgan Stanley to post earnings of $1.75 a share, up from $1.68 a share last year, on revenue of $8.31 billion.