Once again, the Federal Open Market Committee decided not to raise the federal funds rate from 0-1/4 percent. In their November FOMC meeting minutes (which you can read here), they discuss the slow recovery and unemployment rate. As expected, they also decided to continue with their quantitative easing efforts in hopes that they will assist in economic recovery and inflation concerns.
The Commerce Department released its Advance Monthly Sales for Retail and Food Services report for November today (see the report here). November retail and food services sales estimates were up 7.7 percent over November 2009 sales. Retail trade sales were up 8.1 percent over the same period of last year.
Also coming out of the Department of Commerce was the October 2010 Manufacturing and Trade Inventories and Sales report (found here). Inventories were up .7 percent from the prior month and up 6.9 percent from the same period of the prior year. The increase was less than expected.
The Dow Jones Industrial Average rose 48.06 points to 11,476.62 while the Nasdaq gained 2.81 points to 2,627.72. The S&P 500 rose 1.12 points to 1,241.59.
European markets were mixed today while Asian markets were up.
Stocks in the news: Best BUY Co Inc (NYSE: BBY), Sanderson Farms Inc (NASDAQ: SAFM), Isoftstone Holdings Ltd (NYSE: ISS).
