Equity Market Weekly

December 18, 2009

Overview

Equity markets were mixed this week as bank efforts to repay TARP were offset by sovereign uncertainties.

Economics

Empire manufacturing fell to 2.6 in November, versus consensus of 24.0 and the volatile weekly jobless claims rose 7,000, to 480,000. US factory production rose 0.8% in November, above consensus of 0.5% and capacity utilization climbed to the highest level (71.3%) since December 2008.

Company

Exxon Mobil (XOM) is buying XTO Energy (XTO) for $31 billion, while Wells Fargo & Co (WFC) announced plans to repay TARP funds. Boeing Co (BA) reported the first flight for the 787 Dreamliner, more than two years behind schedule.

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