Dow Jones Industrial Average
The Census Bureau reported that durable goods orders were unchanged in October after increasing by a revised 9.2% in September. Excluding the transportation component, orders rose 1.5%, compared with a downwardly revised increase of 1.7% the previous month.
Economists, on average, had expected orders to fall 0.6% in October and decline 0.5%, excluding transportation, according to Briefing.com.There was continuing evidence of a sustained housing recovery, as the S&P Case-Shiller 20-city home price index showed a year-over-year increase of 3% in September after an increase of 2% in August. Economists were expecting a 2.9% year-on-year increase in September. Shares of Bank of America (BAC - Get Report) were down 2% to close at $9.66, one day after Guggenheim analyst Marty Mosby issued a " trading sell " call on the company, despite his long-term "Buy" rating for the company's shares. Mosby said on Monday called Bank of America "one of the leading candidates for a significant correction if the pressure on the U.S. economy from the Fiscal Cliffs begins to build." Although the analyst's long-term price target for the shares is $12, he said that "BAC could trade below $8 over the next three months if it becomes apparent that the U.S. economy is about to be pushed over several of the upcoming Fiscal Cliffs."