This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Stocks Remain at Record YTD Highs as Long-Term Unemployed Lose Benefits

NEW YORK ( TheStreet) -- Though rising throughout the morning, major U.S. markets reversed direction by midday, if only minimally, seemingly putting the brakes on a "Santa Claus" rally which propelled the  Dow Jones Industrial Average to a record closing high on Thursday. Even so, with only three trading sessions left in 2013, equities are set to end the year with the best performance since 1997.

  • By market close, the S&P 500 had dropped 0.03% to 1,841.46. The Dow had shed 0.01% to 16,479.05, while the tech-heavy Nasdaq suffered the worst losses, unloading 0.25% to 4,156.59.
  • The equity markets look to be closing in on a stellar year, bolstered by ongoing Federal Reserve stimulus and the return of a robust U.S. economy. Year to date, the Dow has soared 25.75%, the S&P 500 gained 29.1% and the Nasdaq popped 37.66%.
  • U.S. benchmark government bond yields increased to more than 3% on Friday, a two-and-a-half year high. The U.S. 10-year Treasury note yield topped 3.02%, a sign the U.S. economy is steadily improving. 
  • An estimated 1.3 million long-term unemployed workers will lose essential federal unemployment benefits on Saturday, a product of the bipartisan federal budget agreed upon this month to curtail government spending. The number of long-term unemployed ballooned to more than 6.7 million in the first half 2010 but has since declined to 4 million.
  • Global markets ended the week on a high, with the FTSE 100 0.85% higher, France's CAC 40 adding 1.44% and Germany's DAX up 0.92%.
  • European markets were strengthened on the announcement the European Central Bank and Bank of England will leave interest rates at record lows for the foreseeable future.
  • A record week for Twitter (TWTR) ended badly when Macquarie Capital downgraded the stock, warning it was moving "too far, too fast." The stock closed 13% lower to $63.75. Before Friday, the social network had gained 22.2%, even in spite of a shortened trading week.
  • A computer glitch on Thursday sparked an unintentional sale on Delta's (DAL) website, offering flights as low as $12.83. The airline said it would honor the discounted tickets sold.
  • Textron (TXT) added 1.1% to $36.61 on the news it has agreed to pay $1.4 billion to acquire Beechcraft. The acquisition will see Textron, a relatively small plane maker, rapidly expand its manufacturing portfolio including the addition of Cessna planes and Bell helicopters.
  • China's quality control group, the General Administration of Quality Supervision, Inspection and Quarantine, said it would recall more than 1.46 million General Motors  (GM) vehicles beginning Monday. The U.S. automaker, and its Chinese partner SAIC Motor Corp, are to recall inventory with defective fuel-pump brackets. After gaining 1.6% on Thursday, GM stock has shed 1.4% to $40.94.

--Written by Keris Alison Lahiff.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,280.38 +14.39 0.08%
S&P 500 2,013.49 +2.13 0.11%
NASDAQ 4,584.3560 -9.0690 -0.20%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs